My father didn’t have adequate life insurance coverage. I have had to grow up quickly and work to help my mother. Had my father had life insurance we would not be in the position we find ourselves today. His death has made my future plans to attend college even harder to achieve. With the values my parents taught me, I have worked hard to achieve high academic accomplishments .
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There is facial recognition software that will name your friends and ask you if you want to tag them on your social media profile. You can text someone a message from half a world away, and you can play a video game with a complete stranger on another continent. Technology has accomplished so many amazing things in the past 20 years, but there’s still no way to bypass our own mortality.
While it’s never pleasant to discuss, your death is inevitable. It is easy to forget this when you’re young. Everything seems to be going as planned and most young people have little connection to the heartache of death, outside of the passing of their grandparents.
But early adulthood is an advantageous time to purchase life insurance. The benefits to doing so are many. If you’re not sure whether you need insurance or not, consider the following.
Americans say they want enough life insurance to cover expenses for at least 14 years after the loss of a breadwinner, but in reality only have three years of protection in place. This finding is in line with the Insurance Barometer Study that Life Happens and LIMRA have conducted over the past several years.
While the statistics of passing away at an earlier age is low, the financial consequences of not planning for that possibility can be high. The younger the family, the more protection you generally need. Often there is still student debt and a mortgage, as well as day-to-day living expenses that need to be addressed. Additionally young children will require years care and have future educational needs. Life insurance financially protects the family you love.