For those who are young and healthy, life insurance can seem like an unnecessary expense. Many millennials fail to realize the benefits of having coverage, prioritizing other financial obligations and goals, such as saving for a home, traveling, and buying the latest electronic devices. However, there’s no way of knowing what the future holds, and regardless of your age, part of being a responsible adult is making sure that your loved ones will be provided for once you’re gone. Here are a few reasons you should have a policy in place now.

Why Young Adults Need to Invest in Life Insurance 

1. Secure a Low Price

Age and health are two of the most significant factors used to calculate life insurance rates. The younger and healthier you are, the lower of a risk you are to cover. In turn, this is when your premiums will be the most economical. As you get older, it’s likely your costs will increase because there’s a higher potential of you developing a health condition. As such, it’s best to purchase coverage and lock in a low rate as a young adult.

2. Help Pay for Outstanding Debts 

Unfortunately, any debts you still have when you pass away won’t be forgiven. This means, if your parents helped you out by co-signing for student loans, a car loan, or credit cards, your creditors could turn to them in an attempt to collect the remaining balance. The payout from a life insurance policy can be used to take care of lingering debt so that your co-signers don’t have to deal with the burden. 

3. Protect Your Dependents

If you’ve already started a family of your own, life insurance is a crucial investment. Without your income to provide support, your loved ones may face significant hardship. They can utilize your life insurance funds to maintain the same standard of living they’re accustomed to and cover expenses ranging from mortgage payments and childcare expenses to funeral costs and future college tuition fees.

For help making important life insurance decisions, reach out to Jenkins & Bevan Insurance. They’ll do all the legwork required to find the right coverage for your situation, allowing you to compare your options quickly. For more than 35 years, the agency has been entrusted to provide residents throughout Lorain County, OH, with quality financial protection at affordable rates. Call (440) 984-6771 today to request a quote, or visit them online for more information on the policies they offer.