Many young people forego the option of buying life insurance because they feel they likely won't need it for many years or decades. That leaves too many of them — and their families — unprotected. The unexpected does happen, which is why it’s important for young people to get covered, even if they don't yet have dependents. Below are some of the most important reasons why.
Why Young People Should Consider Buying Life Insurance
1. To Pay Off Debt
Young adults often have little credit history and require a parent or friend to cosign for them to borrow money. For instance, if you have student loan debt or a car loan, you likely had to ask your parents to cosign to get bank approval. That means that, if you pass away, your cosigning friend or parent will be responsible for fulfilling the terms of the loan. A life insurance policy will pay off your debt amount and free your friend or family member from the duty to repay.
2. To Pay Final Expenses
If something unexpected happens, your survivors will have to pay for your funeral service and burial or cremation services. According to the National Funeral Directors Association (NFDA), the median cost of a funeral is $8,508, making it a considerable strain on top of the sudden bereavement. To keep your loved ones from having to shoulder an unexpected financial burden, talk to a qualified agent about life insurance.
3. To Get Lower Premiums
Youth is the ideal time to purchase life insurance because rates are tied to your life expectancy, which is still quite extensive when you’re young. The younger and healthier you are, the less you have to pay each month for coverage. What's better, you can lock in those low rates for life, in the case of permanent insurance, or for a term of 10, 20, or 30 years in the case of term life.
It’s never too early to start preparing for the future. If you’re ready to discuss your life insurance options with a friendly, knowledgeable insurance agent, contact Tim Bryan Insurance in Andalusia, AL. He is committed to providing quality customer service and will help you navigate the complicated process of choosing a policy. Visit the website to learn about his other areas of expertise, including homeowners, auto, and business insurance. To request a quote, call (334) 222-1460 today.