Do young adults need life insurance? That depends. There are times when life insurance for young adults is not a
necessity. For a college student who has no family or children life insurance may
not be a necessity.
- Often parents will have a life insurance policy on the child even though the child may not know it. The purpose is typically for burial expenses.
- If something unforeseen were to happen to the young adult
the parents may not want to pay for these expenses during a time of loss.
- As soon as a young adult gets out of college or high school
and starts a career they should be thinking about life insurance.
The fact is that there is never a cheaper time to get life insurance than when you are
young. For this reason alone, get life insurance while it is cheap. This also
takes care of accidental death too.
- No one can predict his or her death. And
while young people usually think they will live forever (they sometimes act
this way) nothing is for sure.
- Is it better to wait until you are in your early 30’s or 40’s to get life insurance? Not necessarily. Sometimes a person may need to get
additional policies after they get older only because their assets may have
gone up and they might need more coverage than they did when they were younger.
As we have children, get married, and accrue debt our life insurance needs tend
to increase not get lower.
- It’s usually not until we start getting close to retirement ages that our needs for life insurance decrease. When the house is paid for, the
cars are paid off and there is a sizable amount in savings, this is the time
to consider dropping life insurance.
Why, because why do you need a sizable life insurance policy when your own assets can be sold to pay for burial
expenses? Not only are that but your assets going to be the items that will be
offered for inheritance also. In some cases life insurance is still needed, but
as we age the needs for it become less, or at least it should if we have
The bad news for the older generation purchasing life
insurance is that it gets more and expensive as we age.
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