One of the major and persistent misconceptions about life insurance is that it’s only for the elderly or people with children. That’s simply not true. Anyone who financially supports another should purchase a policy, no matter what age they are.
Support for Dependents
You don’t have to be married or have children to financially support another person. For example, you might provide for your parents or support your younger siblings. If you die young, the premiums from a life insurance policy will ensure that your dependents have financial support for a period of time.
If you are married and have small children, insurance is a necessity. Even if you and your spouse work, your living expenses are most likely based on two incomes. The benefits from the policy make up for the loss of one income.
Insurance Policies are Affordable
As a general rule, the younger you are when you buy a policy, the lower the cost of the monthly premiums. For example, the yearly cost of a policy for a 30-year-old, non-smoking woman might be less than $300, according to CNN. Although you never hope to use it, paying a small premium each month can be worth it should your family or loved ones need the policy.
To Cover Your Funeral Costs
The benefits from a life insurance policy not only provide financial support to your dependents. Any benefits your loved ones receive can also be used to pay your funeral and burial costs. The median cost of a funeral in 2013 was more than $7,000, according to the National Funeral Directors Association.
For more information life insurance for younger people, contact Access First Insurance, in Eagle, Idaho, to get a quote today!