Wednesday, December 4, 2013

Young Professional: Do You Need Life Insurance

So you are just starting out in your career. You have graduated and have completed your search and secured a job, the first step on your path to success. But as a young person, purchasing life insurance is most likely not very high on your list of things that you think need to be done. But to be perfectly honest it really needs to be, and here are some reasons why.

The first thing you need to think about is will anyone be directly affected in a financial way by your passing. If the answer is yes, you absolutely 100% need a life insurance policy. A policy will provide you with a safety net for your loved ones if something is to happen to you. This will be good for them but also for your own peace of mind. This is the biggest reason for a policy but as a young person you may not have many dependents. You may not have children or a spouse, but you most likely have large amounts of debt like student loans or credit card. If there are medical bills left behind or funeral costs that need to be taken care of and the death benefit of your life insurance policy will help take care of that so that your loved ones don't have large amounts of bills that they are forced to deal with during what will already be a difficult time for everyone.

Buy Young

Purchasing life insurance while you are young has additional benefits besides just being a safety net and easing your mind. The younger you are, the cheaper your policy will be, especially if you do not need a lot of coverage.

Employer Coverage Isn't Enough

Benefits from your employer can be a great perk, but a group life insurance policy offered isn't typically enough if you need a significant amounts of coverage. Consider purchasing a supplemental life insurance policy, especially if you already have dependents.

Brett Royster  

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