3 surprising groups who need life insurance
Life insurance is beneficial for a wide variety of American adults. In return for a minimal fee to an insurance provider, policyholders have a financial safety net for themselves and their loved ones in the event of their death. Some policies will even allow the insured to access their account for cash while they're still alive.
Like many other financial considerations, however, the benefits of life insurance are relative to the individual's personal circumstances and goals. Because of this, some people may think that the advantages of life insurance aren't applicable to them. Or they may simply believe that they can purchase it later in life without issue.
Unfortunately, both of these thought processes are faulty. The majority of adults would find a life insurance policy helps to have. Below we will explore the benefits of life insurance for three groups who may not have considered this unique financial protection.
If you're in the market for life insurance then start with a free online price quote now so you know exactly what to expect.
3 surprising groups who need life insurance
Young people
When you're young and healthy you may not think about life insurance. But this is actually one of the best times to secure a policy. The younger you are, the safer a bet you are to insurance companies. So you'll pay a lot less than you would if you were older.
In fact, healthy young adults can often snag a term life insurance policy for under $50 a month (maybe cheaper depending on a range of eligibility factors).
Younger people, on the whole, also have fewer health issues than older adults.
Because of this, they will generally pay a lower premium than older people with known health conditions like high cholesterol, blood pressure or diabetes. This is another reason why younger adults should get a policy now. If they wait - and health issues arise with age - they will be forced to pay more for coverage. So it behooves them to take a medical exam and prove their health status now.
Get started with a free online price estimate now.
New parents
If you're a parent to a new baby then most of your time and attention is being devoted to your little one. But now that you've hit this life milestone it's time to start thinking about the future - specifically how your child will be protected in your absence.
It's never too late to secure a life insurance policy and after becoming a new mother or father you should do just that. Accidents and unfortunate circumstances can happen at any minute. Accordingly, you'll want to make sure that your child has a financial safety net should the worst-case scenario arise.
And, if you act soon, you could potentially secure a whole life insurance policy which could be accessed for cash while you're still alive.
Seniors
Conventional wisdom dictates that life insurance for seniors just isn't worth it. And while it's true that older adults will generally pay more for less coverage, it may still be valuable to have.
For example, if you don't have enough money saved to cover end-of-life expenses you may be able to get an inexpensive policy that will pay for those items. The policy may not be exorbitant (think under $30,000) but it's still a better alternative than leaving those bills to be paid by loved ones.
There are other reasons seniors can benefit from life insurance, too. If you don't have savings or a home that you can pass on to your loved ones, for instance, a life insurance policy can help fill the gap. A life insurance payout could also help pay down or pay off any outstanding debt you leave.
So start exploring your life insurance options online now or use the table below to compare two top providers.
The bottom line
If you're young, a new parent, or a senior citizen, a life insurance policy could be far from your mind. But that doesn't mean the benefits of having a policy aren't valuable - or that the cost isn't reasonable.
Explore your options and speak to an insurance expert who can help you build a customized plan.
