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Insurance Education

Get In on the Ground Floor: Life Insurance for Young Adults

September 11, 2017

Landing your first “grownup” job is exciting. It’s that moment you’ve been waiting for, when all your hard work pays off with…well, more hard work. But at least it’s hard work with a salary and benefits. By the time that first direct deposit hits your bank account, you probably already have a long list of items to add to your new and improved monthly budget. Vacations that don’t involve airbrushed t-shirts or getting matching tattoos with your roommate on a whim. Happy hours with all your cool new young professional pals. A car manufactured recently enough to not have a tape deck. Shoes that say, “After I lead the heck out of this team meeting, I’m gonna be in a music video…or at least look really good standing in line at Chipotle.” Throw pillows, of course, because everyone knows the true measure of success is how many pillows you own just for decoration.

With a promising career in front of you, an inspiring group of colleagues around you, and a treadmill desk underneath you, it’s hard to imagine your life could be anything but long and prosperous. Unfortunately, there are some things you just have no control over, like the smell in the break room after your coworker microwaves fish sticks, the plot twists in Game of Thrones, and the certainty of your own future. After you check a few of the more fun items off your wish list (because hey, you deserve it), it might be time to double down on growing up.

Adulting Level: Expert

If you’re married or have children, you probably already know that life insurance is an important protection to have in place for the people who depend on you. Maybe you’re not there yet…and maybe you don’t plan to be. Even if you’re young, healthy, and single, though, there are a few compelling reasons to consider a life insurance policy sooner rather than later.

  • Student Loans
    Chances are, your path to professional life is paved with school loan debt. If something happened to you, your parents (or anyone who co-signed a loan for you) could be burdened with not only a heartbreaking loss, but also the unexpected financial hardship of student loan repayment.
  • Final Expenses
    Even if you have admirable self-control when it comes to throw pillows, you probably still haven’t set aside the $7,000-$10,000 that represents the average cost of a funeral. Life insurance can help cover this sizable sum so the people who love you don’t have to.
  • Lower Premiums
    Age is one of the biggest factors in determining premiums, so life insurance for young adults can equal getting locked in at a lower rate for the duration of the policy. It may not feel like a huge priority right now, but a lot can change within a few years, and when it does, you’ll already be covered.

On Your Terms

Most young professionals opt for term life insurance, which can be the most affordable, adaptable route. A term life insurance policy keeps you covered for the agreed-upon number of years (usually 10, 20, or 30), after which you can usually choose to convert to a permanent (whole life insurance) policy or purchase another term. 

Still not convinced that life insurance is the best use of your hard-earned paycheck? The good news is that, unlike home decor and coffee and basically everything else, life insurance tends to cost LESS than people think it’s going to. While of course this isn’t the case 100% of the time, it at least makes it worth taking a peek at our free quote tool, right?

Whether you’re just looking for information or you’re ready to apply and commit, our clickable journey and our expert team can help guide you toward a great life insurance policy without getting in the way of your hustle…or your happy hour.

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