Why Life Insurance for Young Adults Is Important

Istock 1080802086

You don't have to be old to buy life insurance. We're sharing why life insurance for young adults is important and smart in this post. See why here.

Keyword(s): life insurance for young adults

If you’re a young adult, it’s pretty likely that buying life insurance is the last thing on your mind. After all, you’re already facing enough economic hardship. Adding another expense would just make things more difficult, right?

Buying life insurance for young adults can save thousands of dollars in the long run.

Read on to find out more.

Life insurance for young adults is often cheaper the earlier it's purchased

You’re young and probably don’t have expenses that can drive up the cost of your life insurance. It’ll be cheaper to take out a life insurance plan now than if you were 40 with a spouse, children, and mortgage.

Since young adults are generally healthier, it isn’t likely that you’ll end up paying more than $50 a month. If you're young and relatively healthy, you won't have a problem finding cheap coverage.

It won't be so easy in a few years, so you'll want to start a plan while you're young and don't have many health issues. If that doesn't get you to put down that cigarette or cheeseburger, nothing will.

Even if that $50 or so a month seems intimidating, think of it another way. You can essentially secure your future for what you'd spend on a fancy meal out.

It acts as a safety net -- for the present and the future

It’s time to start thinking long term. Life insurance for young adults may not seem like a necessity, but it can be such a blessing in a time of need.

When it comes down to it, life insurance is no different than, say, renter’s insurance or car insurance. It's ultimately an investment.

If you’re still on the fence, consider it as a safety net. You don’t always need to file a claim on your renter’s insurance or car insurance. But boy will you be happy to have it when something goes wrong.

Life insurance for young adults works the exact same way. You’re protecting yourself and any beneficiaries from anything life may throw at you.

Policies last for years

Every life insurance policy covers what is referred to as a “term”. This is just a fancy way of saying a span of years. In general, life insurance policies cover a term of anywhere from 5 to 30 years.

Even if nothing happens in those years, life insurance gives you piece of mind. You can sleep easy at night knowing that your loved ones are covered if something does go wrong.

If you're wanting to start a family down the line, life insurance for young adults can make a huge difference. Your insurance will make sure that when you are ready to settle down, your children will be covered.

For instance, here's a list of things that life insurance policies generally cover:

  • Funeral expenses
  • Outstanding debts
  • Income replacement

As a young adult, you likely have a good bit of debt. Not all of that may be your fault. But why would you want to make this financial burden your family's responsibility?

Now that you know why life insurance for young adults is so significant, it's time to start shopping.

We know that every penny counts. That's why we've tried to make the insurance buying process as easy as possible. Use our free comparison tool to make sure you're getting the best deal for you and your family!

Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all financial or credit offers available.