With the struggle to manage burdensome student loans, balance the cost of mortgages and meet the endless barrage of other living expenses, why should life insurance be a priority for young adults?
The answer is simple: it provides invaluable protection for a young family’s financial future. While young adults are healthy and productive, advancing their careers, buying homes and starting families, it is critical to have a plan in place to protect those efforts.
For example, in a single-income household, life insurance is not optional. The death benefit it provides would replace the working partner’s income in addition to covering final expenses. Without that benefit, the survivor may be unable to afford health care, be burdened with student debt from both partners and unable to maintain a normal quality of life.
In this situation, the surviving partner’s financial future could be secured with a combination of affordable term insurance to replace the working person’s income, supplemented with a smaller, guaranteed policy that would be in place for life to take care of final expenses.
So why should these young adults purchase life insurance young when they aren’t likely to need it? Because buying it as young adults guarantees coverage that later in life may be unobtainable. If they are able to get it in the future, the cost will rise dramatically as they age. Very few people are healthier in their golden years than they were in their 20s and 30s. Simply put, it’s just good planning.
Everyone has life insurance needs. With the help of a knowledgeable adviser, those needs can be met with the proper amount and type of coverage. A simple process can quickly identify what should be protected, and how best to do so.
Look closely at the things of value in your life and consider if they would be sustained in the event of your passing. Most people don’t have the coverage they need, but fortunately young adulthood is the easiest and most cost effective time to get it.
Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. For policy service and additional information, speak to an independent agent representing The Cincinnati Life Insurance Company. For a complete statement of the coverages and exclusions, please see the policy contract. All applicants are subject to underwriting approval. Products and riders available in most states.