When you’re just starting out on your adult life, buying life insurance may seem like a low priority. However, even if you haven’t started a family yet, this coverage is a valuable investment that can protect your loved ones from financial distress if something happens to you. Below are a few reasons why millennials should consider purchasing life insurance.

Why Buy Buy Life Insurance When You’re Young?

1. Keeping the Family Out of Debt

It’s not uncommon for parents and other family members to cosign loans and other debts for young people, especially those without a significant credit history. Your family might be held responsible for those debts if something happens to you, but life insurance can cover the cost and spare your loved ones from further pain.

2. Covering Funeral Costs

If you unexpectedly pass away, your family may have to shoulder the burial costs. The average funeral costs between $7,000 and $8,000 and might be even more depending on the specifics of the service. Life insurance will cover the funeral expenses so that your family won’t have to take a big financial hit.

3. Cost Savings

Life insurance premiums are generally based on age; there are significantly lower rates for young people. Those rates are locked in for the life of your policy, so buying coverage in your 20s can save you thousands of dollars in the years to come.

4. Extending Your Employer’s Coverage

Many employers offer life insurance as a benefit, but that coverage ends when you change employers. Having your own life insurance coverage offers protection no matter where you work and provides benefits tailored to your needs.

5. Protecting the Children

Every parent wants to give their children the best chance at a good life, but the unexpected can cut those plans short. If you have children, you should purchase enough coverage to pay for their education, child care, and other expenses your spouse may not be able to afford.

Choosing the right life insurance policy can be overwhelming, but the independent agents at Chanler Agency have the experience and dedication to help you find the right coverage at the best price possible. With offices in Geneseo and Livonia, NY, they’ve been serving clients throughout the area since 1973. Visit their website for an overview of their personal insurance products, or call (585) 243-5520 to contact their office in Geneseo; dial (585) 346-3118 to speak with an agent in Livonia.