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Insurance Education

Life Insurance Plans for Young Adults

April 10, 2019


Do you have commitment issues when it comes to life insurance? We get it. After all, buying life insurance means admitting that you might officially be a responsible adult now, right? It also means acknowledging that (spoiler alert) you’re probably going to die someday. And you’re spending money on something that only has the potential to be valuable AFTER you die. It’s kind of a bummer.


You know what’s an even bigger bummer than dying, though? Avoiding something that could help the people you love manage the financial stress that typically comes along with death.


Our Life Covered℠ offers life insurance plans designed with Millennial women in mind. We know you have a lot going on. But we also think that it’s never too soon to start working toward lasting financial stability…maybe even financial stability that could outlast you and extend to the ones you leave behind.


Plan for what you can

Life is beautiful. Life is exciting. But it’s also uncertain. No matter how much data you collect, how much history you study, or how many magic eight balls you shake, you just never really know when life is going to be over.

But when it is over, the people closest to you are inevitably impacted. Even when we’re willing to talk about the emotional impact of death, the financial impact doesn’t always make it into the conversation. It’s hard to be sad and practical at the same time, right?

That’s actually exactly why you should consider life insurance… because the grief surrounding loss is inevitable, but the financial burden may not be. Life insurance may help with anything from immediate expenses like funeral arrangements to future needs like mortgage payments and college tuition.


Educate your estimate

When you’re figuring out life, your future, and your budget, there’s probably such a long list of experiences you want to have and things we want to buy. Adding another expense can feel impossible, especially when it’s an expense like life insurance that that may not necessarily feel urgent when you’re young and healthy.


But here’s the thing: life insurance is important right now. And since 44% of Millennials overestimate the cost of life insurance by five times the actual amount, it may be easier to squeeze into your budget than you think.


Live your best life with term life

Term life insurance (like the kind we offer at OLC) is a popular option for young adults because it’s typically the most affordable route. This means you can help financially protect the people you love AND probably still have money for vacations, shoes, tacos, etc.

It’s called “term life insurance” because the policy is in effect for a certain amount of time, often 10, 20, or 30 years. Yes, this means that you may pay for insurance that never results in a pay out (which, let’s be honest, is a good thing given the alternative), but it also means that you could be covered during critical years for a monthly rate that fits your budget.

If you’re relatively healthy and don’t smoke, you may end up paying less than a dollar a day for a term life policy that could help cover final expenses, outstanding debts, and then some. We know the whole “for less than the cost of your morning latte” comparison is a little cliche, but seriously…just think about it.

If you're not a coffee drinker, here’s another statistic for you: the average American woman wears about $8 worth of skincare and makeup products each day. We’re all about doing what it takes to feel like your best self, but maybe think about a little life insurance along with that lip gloss!


But why now?

One compelling reason to consider life insurance sooner rather than later is that the cost rises as your age does. However, rates are typically locked in for the duration of a policy, so if you buy 20-year term life insurance at age 25 and continue to pay your premiums on schedule, you’ll be paying the same rate until age 45. That’s a pretty nice perk, right?

We don’t really WANT to need life insurance when we’re young. Of course we don’t. But the truth is, no matter how well you plan for the future, you just never really know what it holds. The healthiest of us get sick. The most cautious of us have accidents.

Maybe you won’t. You PROBABLY won’t. But what if? Whether it’s your children, your parents, or your spouse, someone you care about could be faced with end-of-life expenses and unresolved debts if something happens to you.


Choosing to purchase life insurance before you think you need it isn’t an act of fear…it’s an act of love. Our Life Covered℠ can help you find a plan that’s right for you right now, and right for the people you love when they need it.

Get an online quote, or connect with our agents via phone (888-828-9760), text (636-590-7416), email or live chat.

You can also follow us on Facebook, Twitter, Instagram, and Pinterest, or send us a message directly to join the conversation about life and life insurance!

Note: This post was originally published on April 5, 2017 and has been updated for clarity and accuracy based on current data.

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