Advantages of Buying Life Insurance When You’re Young

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There are a few things that young people tend not to think about. Financing is a big one which is why sites like Young Adult Money are so helpful and important, and another major topic is dying. Now you may have survived your “invincible” teenage years but most young adults fresh faced from college are still head strong and like to think they can do no wrong. Don’t get me wrong, this is great! It keeps you pushing forward for that great job and money making opportunities, but it can keep you from thinking about the realities of life such as accidents or unforeseen ailments. I’m not trying to be a harbinger of doom, but there are some real world advantages to getting life insurance when you’re young that many people simply don’t realize.

Cover Your Debt

Odds are that you’ve amassed some form of debt if you’re like most recent college graduates. It could be student loans, credit card debt, car payments, loans that you took out to backpack across Europe, or a combination of all of these factors. You may not have any dependents but your family could be stuck paying these debts should you pass away, and life insurance can pay off these debts so your family isn’t stuck footing the bill. In fact, it’s become more common for parents to get life insurance for their young adult children who they’ve either signed or co-signed large student loans for just for this reason. Just imagine parents getting stuck with paying off a med school loan that costs more than their mortgage

Starting a Family is Right Around the Corner

The moment you get married everything changes. Cliché? No doubt – but it’s the truth. When you start a new family a whole mess of things gets thrown into the mix. You and your spouse are becoming dependent on one another and possibly thinking about having children soon, which once again changes everything. All that being said, life insurance is much more important once you have dependents in your life as their well-being largely depends on your income. Even if you don’t have kids yet, getting life insurance while you’re still young and healthy can keep your payments very low going into the future.

Benefits Stay With You

As mentioned above – your premium rates stay with you even if you should suffer an illness, injury, or lifestyle change that would have put you in a lower health class. And if you’re going with a term life insurance policy which expires after a determined amount of time (like after you expect your children to be out of the house, or when you have enough finances saved to not need a life insurance policy any more) then you could be looking at payments under $20 a month for more than enough coverage for your family. Every person and every insurance company is different, which is why it is important to shop around when looking for a policy that covers and fits your needs. The best practice is to pair up with an independent life insurance agent that you trust who can do the shopping around between the best life insurance companies for you. This saves time and usually ends up with a better deal than just going with the first life insurance company you see an ad for.

Just because you’re young doesn’t mean you can’t plan for the future, and life insurance can protect your dependents be it your parents who co-signed a loan or your spouse and children who rely on your income. Please feel free to ask any questions you might have about life insurance in the comments below. It can be a daunting subject for many people and it’s surrounded by myths and misunderstanding so don’t be afraid to learn more about something that could be the difference for your loved ones.

Liran Hirschkorn is the owner and founder of Chooseterm.com and he has been in the life insurance industry for over a decade now which has taught him a lot about the realities of life starting at a younger age than most. He is excited to answer any and all questions regarding life insurance and is trying to spread the word to make it a more approachable subject.