You eat well, exercise, and think 30 is old. So why would you need life insurance? It’s not like you’re married and have a family to worry about. Your biggest concern is making the perfect Spotify road trip playlist. And that’s wonderful! But life insurance isn’t just for parents and boring people. If you’re young, single, and healthy, now's the perfect time to consider a policy.
Help protect your family
People love you, more people than you probably realize. And these people will be heartbroken if you die. The last thing you want to do is burden your loved ones with your debt. If you’ve taken out a loan (car, college, etc.) and had a family member co-sign the agreement, that family member may be on the hook if you pass away.
But you can take out a life insurance policy to help cover your debts. This may allow your family the space to mourn your passing without the added stress of a new financial burden.
You’ll need to do some simple math to figure out the proper term of your policy. For instance, if you can pay off your college debt in 10 years, you’ll need a 10-year term policy. Any insurance agent can walk you through the process, so don’t get overwhelmed by the data. For a low monthly cost, you may save your family members thousands of dollars.
Life insurance may be less expensive... for now
If you’re young and healthy, life insurance may be pretty inexpensive. So take advantage of this time and consider how a policy would affect your peace of mind. Best case scenario: you’re alive and won’t need it. Worst case: you’ve taken care of your debts on your way out.
Funerals aren’t free
The cost of a funeral can be staggering, especially to those who are going through the grieving process. Life insurance is a death benefit and is meant to help your loved ones upon your death. We hope you’ll never need it for this purpose, but it’s better to have insurance and not need it than need insurance and not have it.
In sickness and in health...but mostly in sickness
Life insurance is exactly what it sounds like, it’s insurance for your life. And just like you carry insurance for your vehicle or home, it’s not purchased with the intent that something will go wrong. It’s purchased in case something goes wrong. And while you’re healthy today, there’s no telling what tomorrow will bring. If you become seriously ill or injured, medical costs could soar higher and faster than expected. And in the event that your illness or injury should cause death, those medical bills may not magically disappear.
You may not be single forever
Maybe you don’t have family. Maybe you never needed anyone to cosign a loan. And maybe you imagine yourself sneaking out of this world undetected. But, at the risk of sounding like a Hallmark channel original movie, love may find a way.
Out of nowhere you may find yourself in a relationship and you’ll have responsibilities you’ve never imagined...ones that continue even after you pass away. By having life insurance now, you’ll appreciate the benefits so that when you suddenly have a significant other, and 20 children, and five dogs, and a turtle, you’ll rest easy knowing they’ll be taken care of properly. Because when it comes to life insurance, too soon is just soon enough.
Things to Consider:
- The longer you wait to buy life insurance, the more expensive it gets.
- No one thinks anything will ever happen to them, until it does and you’re completely unprepared.
- From debts to funeral costs, a life insurance policy can help save your family from a crushing financial burden.
This article is provided by Everplans — a life and legacy planning company dedicated to transforming the way people get their families organized. For more information, visit: everplans.com
Neither Transamerica nor its agents or representatives may provide tax, investment, or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors and financial professional regarding their particular situation and the concepts presented herein.