Some of us look back on the days of being young and single and wonder why we were in such a hurry to get out of that stage. Few responsibilities and no one to answer to meant that life was easy and carefree. While it may seem that way, that's really not the reality. Most young people carry the weight of finding and keeping a decent job in a struggling economy, paying bills, student loan debt and balancing relationships.
Another thing that young single adults need to consider is life insurance. For years, many have believed that this demographic doesn't need life insurance until they get married and have children, but there are several reasons why investing in life insurance at a young age makes sense.
First, should a young adult pass away, there is still the cost of final expenses to consider. Somebody will bear the burden of this and, quite frankly, it's not cheap. Life insurance is a way to provide financially for the person who will have to deal with this reality, whether it be a parent, sibling or friend.
While many young people don't have children yet, they do have aging parents. Many children (especially if they're an only child) feel a responsibility to care for their parents and make sure they are taken care of. Life insurance can be used as a way to provide for the parents’ care should the child not be around to do so.
Young adults are passionate about so many things, and most have something that is near and dear to their heart, whether it be taking care of homeless animals or educating people about climate change. A life insurance policy is one way to leave a gift to a charity that one feels strongly about, so that even if the young person isn't here anymore, they can leave a legacy to an organization that will carry on their beliefs.
Lastly, we have some good news. While no one likes to think about end-of-life issues, people who are young and healthy are eligible for low life insurance rates. Starting a policy now may be extremely inexpensive, and a wise financial decision. In the future, as these young adults get married and have children, they will appreciate the fact that they started a policy at a younger age.
If you would like to discuss life insurance options, contact your independent insurance agent for more information.
We’ve got you covered. Call 800 Insurance at 415-928-2886 for more information on Daly City life insurance.