You’re Young, You’re Healthy, and You Still Need to Think About Life Insurance

We’d all like to think that we’re going to live forever.

That’s just not reality.

Even if you’re young and incredibly healthy, you never know what tomorrow is going to bring. Accidents happen, disease comes out of nowhere, and the bottom line is that you really just can’t predict where life is going to take you. It’s important that you are prepared for whatever happens and know the life insurance basics!

Thinking About Getting Life Insurance?

People tend to think about life insurance when there’s a major life change. Whether it’s marriage or a new job, buying a home or having a baby, transitions are powerful. Perhaps that’s because we think about that ultimate transition and what might happen if you weren’t around. It’s a little frightening and intensely intimidating to think about. These are big topics, but worthy to take note of.

What would happen to your family if you weren’t there to support them? You’re only going to add more responsibilities and more people are going to count on you as you get older, responsibilities that mean you need to look out for in the long term. Young people today are taking charge of their own life insurance more and more, but Millenials are still the least likely to buy their own life insurance, even as they think about it often and acknowledge how important it is.

This is the kind of thing that you think about at odd times, that keeps you up at night when you do. But the real time to think about it is during the daylight, when you can do something about it.

The Truth About Life Insurance

Unless you’ve got the fountain of youth in your backyard, you’re going to die someday. And when you do, other people are still going to be alive. Those people are going to be really upset that you’re gone, and they’re going to need for someone to think about them, to take care of them. Even though you won’t be around anymore, that person is still you.

Here are a few things that life insurance can cover:

• Settle your debts

These are things like a mortgage, car payments, student loans, or anything with a cosigner, who will still be responsible. Of course if you’re married then your spouse would be responsible for those debts.

• Pay funeral expenses

When you die (because remember that you’re going to), the people who loved you are going to want to celebrate you. That could be in the form of a celebration or of funeral expenses. Funeral expenses alone cost way more than most people realize, reaching up easily into the tens of thousands of dollars.

• Future Income

When you die, your income is going to evaporate. Anyone who was depending on you for support is going to be out of luck unless you have some way to cover that – life insurance.

Why not just save? Knowing Life Insurance Basics

Life insurance can be pricey, so why not just put that money in the bank and save it up over time? Because there are no guarantees in life, that’s why. You might only get a little bit put away before something unexpected happens, and then everyone is out of luck. Life insurance is a guaranteed payout, so that you can be absolutely sure that all of those expenses are fully paid for. You don’t have to worry!

Then why not save now and wait until you’re older you ask? When you have more responsibilities? Because you might not be able to get it and it will be more expensive, that’s why! The earlier that you’re able to buy your life insurance, the less expensive it’s going to be, not just today but twenty years from now. Term rates increase over time, but start lower if you buy when you’re younger and healthier. Whole life rates stay the same over time, so if you buy them when you’re young then you’ll lock in those rates.

Do be aware that insurance companies will sometimes ask you whether or not you plan to do any crazy, potentially dangerous hobbies with the next couple of years. They’re allowed to ask you these and lots more probing questions as you go, and they’re also allowed to deny you coverage if they deem you to be too much of a risk.

Talk to Your Folks

This is a little out of the box, but if you have the means to pay for it then you should consider asking your parents if they would be willing to buy a life insurance policy that you pay the premiums on. This is actually a smart financial decision for you, because it means that you won’t have to pay for their final expenses and it could also cover an inheritance taxes that you might end up stuck with when they’re gone. Unfortunately it’s not uncommon for people to end up having to sell off a home in order to pay the taxes that they owe on it.

Please don’t think of this in any kind of dramatic way – it’s really not you conspiring to take advantage of your parents, it’s simply you and them making some smart decisions together. Another thing that you might consider is splitting those payments with a sibling if you can make that work as well.

A Final Note – Don’t Forget Disability!

Ok, so this isn’t life insurance precisely, but it’s certainly related. If you become sick or injured, but don’t die (yay!), you might still be unable to work. Disability insurance is a great way to give yourself an amazing level of protection, because remember that you aren’t invincible!

The trick here is that disability insurance can be much more expensive, because you are much more likely to become injured or sick than you are to pass away. The great part about this kind of insurance is that it allows you to focus on you and on your recovery rather than on your finances.

Life insurance is something that you’ve simply got to think about – whether you want to think about it or not. Learn as much as you can, face your nerves, and your future self as well as your family will thank you!

For more information on affordable life insurance, contact Morgan National Corporation today at 1-866-595-3533.  Let us help you protect your future with an insurance policy tailored to your specific needs. Visit our life insurance page for more information.