If you’re a young adult and you’re thinking about life insurance, then you’re certainly one of few. However, this is not negative, instead, it’s sensible, an investment into your future, even if you don’t yet quite know what it holds.
To answer the overarching question: yes, young adults can purchase life insurance. However, you need to be eighteen to hold the policy in your name. If not, you can still obtain a life insurance policy, but this would not be in your name, instead most likely a family member.
There are numerous reasons to consider life insurance as a young adult, even if you think you’ll never need it, or at the very least, not require it until much later in life. So, with this in mind, the remainder of this blog post will highlight several key reasons why you should consider the purchase.
Life insurance is often less expensive when you are younger
When you are young, you’re less likely to have any underlying or serious health conditions. Consequently, life insurance plans and packages are going to be cheaper, allowing you to find a better deal not only for right now but perhaps a long-term one for the future, too.
Protect yourself from student debt
In the United States, student debt has never been higher, with millions of students fighting tooth and nail to stay afloat well into their 20s and even 30s (and beyond). In the event of your death, however, regardless of how upsetting and a difficult topic this is to discuss, your debt may be passed on to a loved one or family member.
This can place them in a highly stressful situation, but with life insurance, you will be provided cover to either help pay off this debt, or at the very minimum, contribute some funds to the debt.
Build up an excellent credit score
Finally, if you’re young, it can be difficult to build up a credit score. But with a life insurance policy, you can demonstrate not only a legitimate and official line of credit, but consistent payments, too. This can help you land your first house, car, and other expenses in the near future.
If you would like to find out more regarding life insurance, including how to purchase it and the different kinds available, then please click here.