Why it’s not too early.
You’re young, healthy, and just starting to feel like a grown up...life insurance probably isn’t on your radar, but it certainly is something you should be thinking about.
What if the worst happens and you die tomorrow, could anyone be affected by the loss of your income? Chances are the answer is “yes”. That’s one big reason that it makes sense to consider purchasing a life insurance policy. Here's why:
1. PEOPLE COUNT ON YOU
Whether you have children or not, you probably still have people that depend on you. A spouse or significant other is a dependent. Their lives would be hugely affected if you were to die. Not only would they be dealing with grief, but financial stress because of the loss of your income. Will they be able to pay the bills, mortgage, car payment, medical bills? You don’t want to leave your loved ones with more stress than they will already be dealing with. Life insurance can offer you peace of mind knowing that your family and loved ones are taken care of.
2. COSTS ARE LOWER
Because you are young and healthy, you may be considered a low-risk client for a life insurance carrier. Low-risk means lower rates. Life insurance can be inexpensive when you are young, healthy and a non-smoker. The longer you wait, the more possible it is to develop serious medical conditions like heart disease and diabetes, which can drive lift insurance costs up.
3. YOU HAVE DEBT AND/OR COSIGNERS
A big reason why young adults need life insurance is student loan debt. You may have spent your time earning that degree and are now spending your hard earned money paying it back. If you have co-signers on your loans, they would be in charge of paying the loans back if you were to pass away. You want to protect your loved ones from having to be responsible for your debt whether it’s loans, mortgage or even credit card bills.
4. FUNERAL EXPENSES
There is no such thing as a cheap funeral. Whether it's your spouse or your parents, someone will still have to cover the costs of your funeral. Funerals can cost between $5,000 and $15,000. That’s a considerable amount of money to burden your family with. Life insurance or end of life expense insurance can cover these costs and take the financial strain off your loved ones.
5. INSURANCE THROUGH YOUR WORK MAY NOT BE ENOUGH
It's wonderful if you have a job that offers you the benefit of life insurance. Having a policy through work does offer some peace of mind, but what if you were to become sick and unable to work or let go from your position? Your work policy is generally only effective if you are working at that company. It’s always a good idea to purchase your own policy in the event you were to become terminally ill or pass away unexpectedly. Like I mentioned before, you may not be able to secure a policy if you are diagnosed with a serious medical illness. The last thing you want to do is leave your family with your medical bills on top of everything else.
You're young, vibrant, healthy, and now it's time to be ready to take care of your future and the future of your loved ones. We can meet and discuss different affordable life insurance options to make sure you're covered if the worst was to happen. It’s not too early, but if you wait, it may be too late.
