I get it. You've never thought about life insurance before. I mean c'mon, you don't have kids, and you're not even married so why would you need to spend dough on something as uncool as life insurance? Here are some reasons why you might just want to.
Debt and Student Loans
Like most young people in their 20s or 30s you might have taken out student loans. Chances are your parents or someone else may have co-signed the loan for you. If you can't pay your debt the bank that made the loan will go after the co-signer to repay the loan. If you kick the bucket, chances are you won't be sending in a monthly check from heaven. Life insurance to cover your student debt is a good idea to protect whoever cosigned your loan. Do the right thing and make sure you have life insurance just in case the worst happens.
If you don't have any student loans, you might have daddy's credit card. Hopefully not the black AMEX, but maybe you put some debt on your visa card when you were younger than and not as wise as you are today. Don't leave mommy and daddy with the debt, get some life insurance and don't leave your parents hanging.
If you do die young your family will probably be devastated. The last thing you want them to worry about while they are grieving your death is putting together the money for final expenses, such as burial costs. Having a small policy to cover your final expenses is a really thoughtful way of showing you care about the financial impact on your family.
If you have a favorite charity, temple or church you are affiliated with, having a life insurance policy can be a nice way of leaving them some much needed funds when you are no longer here. That doesn't mean you're have to leave everything
to the charity, but if you have a $100,000 policy, you can leave as much or as little of that to your charity of choice. Maybe you'll look down from heaven and see the giant plaque they made commemorating you because you were just so generous!
Preparing for the Future
You may not die young at all. In fact one day you may become a real adult with a family and responsibilities. You would want to get a life insurance policy today because you can save money by getting a policy when you're young and healthy. As you get older rates go up and you may put on some pounds, or worse develop a health issue and not be able to get a life insurance policy at all. Lock in your insurability while you're young to prepare for the future.
Lastly, most people think that life insurance is expensive. For a few cups of Starbucks a month you can have a life insurance policy. When you are in your 20s and 30s, a policy can be as cheap at $10 or $20 bucks a month and you can even get a policy without having to go through a medical.
So yes, no kids, no wife, and maybe not much money, but getting even a small life insurance policy is the right thing to do. So stop texting and tweeting, and request a quote on our site!
Hello. This is Liran Hirschkorn, at ChooseTerm.com. Today, I am talking to
people who are young, who might be single and might be students. You might
be asking the question, 'Do I need life insurance? I do not have a family
that relies on me for income. I do not have a wife, girlfriend, or children
that are relying on me for income. In fact, I am a student, I have student
loans, and I have debt. Why would I ever need life insurance? I am going to
give you a few reasons why you might want to consider getting a life
If you have debt or student loans, then you may have a parent who co-signed
the application for the loan. What does that mean? That means if you cannot
pay the loan back, your parents or the person who cosigned the loan for you
would have to pay it back. If something were to happen to you and you
passed away, then you are going to leave that person with your student
loans. Having a life insurance policy to cover your loans would make a lot
of sense. You would name that person as beneficiary for that dollar amount
that they would have to pay, and now you are removing the burden of them
having to come up with a whole bunch of money or to continue making those
payments for your student debt.
The next reason is final expenses. If something were to happen to you, your
family might have to come up with $5,000, $10,000 or $15,000 for final
expenses like all the costs that go with burying somebody. You might want
to have a small policy just to cover those final expenses.
Another reason why you might want to have coverage is it is cheap. You are
young, it is cheap, and you are thinking about the future. You know that in
5, 10, or 15 years you might want to have a family. You might want to have
children and you might have people relying on you for income. By locking in
a rate today, you get a good price on a policy and you are able to lock it
in for a long period of time.
The other reason is you do not know what the future brings, in terms of
your health. While today you are young and healthy, you are never going to
be healthier than today. In the future you might put on a few pounds, have
high cholesterol, or have high blood pressure. It does not mean you not
going to be able to get life insurance, but what it does mean is that life
insurance can be significantly more expensive if you have conditions like
diabetes or asthma, or anything that you develop could increase the cost of
life insurance. Of course, you do not want is to come down with a disease
that would prevent you from getting a policy altogether.
You might be young, single, and do not have anyone relying on you for
income today, but evaluating whether or not you need life insurance might
be a good idea. You may find out in your evaluation that you do not need
any life insurance today, but you also may find out that it is worthwhile,
and life insurance might just be cheaper than you think.
At Choose Term, we work with over 30 different companies. We can compare
rates for you and help you find a life insurance company that gives you the
best possible rate, a good quality company, and then it would be up to you
to decide if that is something you would want to do. I can tell you that
most young people are pretty surprised at how inexpensive life insurance
can be. It can be as little as $10, $15, or $20 per month, which is not a
lot of money to give you some sense of security and peace of mind knowing
that you are protected in case something happens.
Author: Liran Hirschkorn