Most people think of life insurance as a safety net for the families of older adults. The truth is adults of every age should get a life insurance policy.
People of all ages die every single day. Young adults with life insurance leave something behind for their loved ones.
The Low Cost of Life Insurance for Young Adults
One of the best reasons to obtain life insurance at a young age is its low cost. Young adults usually pay low premiums for this important form of insurance.
Consider the following statistic. The annual cost of life insurance for a young adult is often equal to a single month's car payment. There is little to lose and plenty to gain by such a policy. A young adult can pay a fraction of his monthly earnings toward a life insurance policy. If he perishes, the payout to his loved ones may be substantial.
New Families Need a Safety Net
Young adults starting a family will find life insurance to be especially helpful. Any adult with even a single dependent needs to plan carefully for the future.
Nobody wants to ponder death at a young age. The unfortunate truth is death happens to young adults on a daily basis. If a young adult is the family breadwinner and they pass on, life insurance may continue providing in their absence. If a life insurance policy is not in place, the financial future of a new family may be in jeopardy.
Consider What You Might Leave Behind
Young adults who do not have a spouse or children still stand to benefit from life insurance. Consider what you will leave behind if something tragic happens. Your family might have to pay your mortgage, car, student loans and other obligations. It is unfair to leave these burdens to your loved ones. Secure a life insurance policy and it will cover a portion or all of these debts.
The Advantage of Convertibility
Buy term life insurance at a young age and you might be able to convert it at the policy's end. This means the policy becomes a permanent one so coverage does not lapse. This often occurs without passing through medical exams. Your current health at the time of the conversion is usually meaningless.
You can often convert your term coverage to permanent at the specific health rating you enjoyed when you were a young adult. This means you can usually secure life insurance top tier ratings at the young age of 30. Any newly diagnosed health issue is usually not a concern from the perspective of the life insurance provider.
Need life insurance? We can help. Call Allen Harmon Insurance at 269.441.5156 for a fast, free policy quote.
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