Life Insurance – you need it as a young adult

When you are in your 20’s and 30’s, death seems very far off. Many young people choose to not get life insurance for this reason. And for some, they may really do not need life insurance but there are instances where it is necessary.

Your parents depend on your income

It is not uncommon for a young adult to be supporting one or both parents. Young adults also often support siblings and sometimes other relatives. If anything were to happen to you and you are supporting a family member, they would also be losing their income.

Your partner depends on your income

Even if your partner isn’t entirely dependent on your income, if you have purchased a home together then life insurance is vital. A home is often purchased based on a combined income, and it would make it very difficult for the remaining spouse to make the payments.

You have debt

Any debt you may have can be passed on to survivors for them to pay. So not only are they mourning your death, but they will have to fork out huge sums of money to cover your credit card debt, mortgage, car payments etc. Rather, take out life insurance to cover your debt so no one else has to worry about it.

You want to cover your funeral expenses

Funerals can get exorbitantly expensive. In addition, there are also the headstone and cemetery costs. Rather than leaving it to your family to think of at a time when they are in mourning, taking out a life insurance policy will ensure all the costs of the funeral are covered.

If you don’t have any debt, have a funeral policy in place, and there isn’t anyone who would experience financial strain at your passing, then it is not necessary to take out life insurance.

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