Just because you’re young doesn’t mean that life insurance is something you don’t have to consider acquiring.
Many young people make the assumption that life insurance is something that only older people with families need. While the main purpose of life insurance is to cover your family for mortgages, debts, and replacement of income, it doesn’t mean that young, single people don’t need it either. While it’s true that not all young people need life insurance, there are a number of reasons when it can make good sense.
- Student Loans Debt. If you are over the age of 22, you likely have tens of thousands of dollars worth of student loans you have to pay off. If your loans came from a bank, and your parents co-signed, it’s going to be their responsibility to pay. Life insurance takes care of this.
- It’s Cheaper Now Than Later. Your age and health are two major factors that go into determining your premiums. Why not lock a low premium while you’re young and healthy?