Young adults typically feel on top of the world, and life insurance is the furthest thing from their minds. Unfortunately, it only takes a few minutes of watching the news to see that bad things can happen to anyone at any time. So, can young couples afford term life insurance costs? The answer is that they can't afford not to get life insurance.
WHY DO YOUNG COUPLES NEED LIFE INSURANCE?
Young couples need life insurance so their are covered if the worst happens. Early on in marriage and family life, our expenses were at their highest. We had a house payment, vehicle payments and we needed both of our incomes to meet our bills.
If something had happened to either myself or my husband, the one left behind would not have been able to pay the bills alone. Now you have a situation where someone is in shock and mourning, but has to add worrying about finances to an already difficult situation.
If there are children involved, the issue of life insurance is even more important!
Remember that most adults are healthier in their younger adult years and this makes getting insurance even easier.
Life insurance can give young couples peace of mind that their spouse will be taken care of after they are gone.
TERM LIFE INSURANCE COSTS
Many people are under the impression that life insurance is costly. However, term life insurance costs vary, and most people can find coverage that fits their budget.
There are certain factors that insurers look at when they quote premiums:
- Age
- Sex
- Smoking status
- Health status
- Lifestyle
Avoiding risky behavior and maintaining good health is the best way to get term insurance costs in a budget-friendly range.
BUT MY JOB OFFERS LIFE INSURANCE
One of the biggest reasons young adults skip getting independent term life insurance coverage is that their job offers life insurance.
When your employer offers life insurance, it is an excellent part of your benefits package. BUT, it is only available while you are working for that company. If you leave, you may have the option to pay out of pocket for the coverage, but the rates will probably be much higher than you anticipate.
The other reason people still need their own term life insurance is because the plans through work may not offer very high coverage. It is often the amount of your annual salary or two or three times the annual salary. In realistic terms, that amount of money won't help your spouse for long.
SHOULD I INSURE MY CHILDREN?
No one wants to face their mortality. But parents would rather think about anything else except their children's mortality. The thought is terrifying to me.
But when I see Go Fund Me requests on Facebook to help families pay for their child's funeral, it is put right in front of my face. The loss of a child is unspeakable, but not being able to afford their funeral makes the situation even worse.
Keeping a term policy on children that would cover funeral costs is a smart way to go.
TERM LIFE INSURANCE COSTS AREN'T AS HIGH AS YOU MAY THINK
Now that your mind is focused on the reasons you need a term life insurance policy, it is time to take a step and find out what the costs will actually be.
You may be surprised to find that term life insurance costs aren't as high as you think. Many times, the costs will be less than one fast-food family dinner a month!
Get a quote today and you can have peace of mind before you know it!
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