Three Reasons Why All Young Adults Should Invest In Life Insurance
Posted on: 7 November 2014
As a young twenty-something, you may be scratching your head as to why you would need to invest in life insurance. It is already difficult enough to budget with your limited salary. Adding an additional expense to the mix would only make matters worse. Futhermore, you would likely never see anything tangible come from such an expense. Truth be told, purchasing life insurance at a young age is one of the best decisions you could possibly make. Here are three reasons why.
Lower Premiums
As a young person, you are in a good position to shop around for life insurance. Someone in their early to mid-twenties is not going to be a big risk to an insurance company (barring the unexpected, or course). As a result, an insurance company is more likely to offer you an outstanding premium. In an age where healthcare is top notch and life expectancies are pushing eighty, a good premium is easy to come by when you are young. More importantly, an inexpensive premium means that you can buy better coverage, setting yourself up for years to come. If you waited until you were in your mid-thirties to purchase insurance, the story would be very different.
In the grand scheme of things, you could end up saving hundreds of dollars by sticking with that same company for thirty plus years. Besides, planning ahead is an indispensable habit to get into.
People Depend on You
It is important to realize that life insurance is not for you. Life insurance is for everyone that has to pick up the pieces once you pass on. There may be people that depend on the income you bring in to survive. A spouse or a significant other will have to find an alternative way to support themselves once you are out of the picture. These people may need to get new jobs or find another place to live. Life insurance alleviates this pressure and gives these folks additional time to regain their footing.
Think of the ramifications of unexpectedly leaving loved ones behind to fend for themselves. Not acquiring life insurance when you have close loved ones is quite a selfish thing to do.
You Have Expenses That Need To Be Paid
Perhaps there is nobody depending on you financially. But what about all those student loans you have yet to pay off? The only way most are able to afford college nowadays is by taking out privatized loans. Without life insurance, the lender is likely to go after your co-signer. The same goes for anyone else you are indebted to. Additionally, funerals can cost tens of thousands of dollars. Funerals are a big business. Nobody gets a free waiver just because they passed away without life insurance. In both of these cases, your parents are the ones that will likely have to pick up the slack. Life insurance makes it so they don't have to.
Life insurance is not a decision you should not keep putting off. It is important to double-down on insurance through a company like Matt Roenker Insurance Agency while you are still young and healthy. Like flood, health, or homeowners insurance, it will serve as a safety net until you need it. Your loved ones will certainly be grateful for it if tragedy strikes.
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