Young Adults Need to Think About Life Insurance
If you are young and single, you may think you don’t need to consider life insurance. You don’t have any dependents and you haven’t had time to amass assets. But this may be the best time for you to purchase a policy. If you are young and healthy, you will be able to purchase an affordable policy. And as your life changes, you can always adjust your life insurance coverage. After you marry, have children or buy a house, you can change your policy to provide greater protection for your family. But when you apply for life insurance quotes, consider your current financial needs.
Life insurance protects your family, when you die. Even if you don’t have children, you may have dependents. You already may be financially supporting your elderly parents. Or you may want to provide for your parents and siblings, in case you die before them. Term insurance is the traditional life insurance policy. If you think you may want lifelong coverage, make sure your term policy lets you convert to either a permanent whole life or variable life policy. Converting to a different policy will be cheaper than buying a new one. When you compare life insurance quotes, make sure your insurance payments are enough to replace your income and allow your family to live comfortably.
Many employers offer life insurance to their employees. However, the coverage is usually not enough to make sure your family can continue to live in the lifestyle that you have been able to give them. In addition, an employer-provided policy is not portable. So, if you take a new job or are laid off, you will lose your life insurance coverage. That’s why it’s important to buy your own life insurance policy when you are still young and healthy. And if you marry and become a new parent, you will already have a policy in place to care for your family. Make sure you obtain several life insurance quotes to ensure you get the best price and coverage.
Even if you young, you may have to pay a higher premium if you are a smoker or are in poor health. Now you have no excuse not to take care of your health. As of September 23, 2010, children up the age of 26 are covered under their parents’ health insurance plans. The recently passed health reform legislation extends this coverage to young adults regardless of financial dependency, residency with parent, student status, employment and marital status. Beginning in 2014, young adults can choose to stay on their parent’s health plan until age 26, even if they are eligible for their own employer-sponsored insurance plan. Until then, young adults can qualify for dependent coverage only if they are not eligible for an employment-based health insurance plan.
When you are ready to buy a life insurance policy, you can call agents in your local area, contact insurance companies directly or use InsuranceQuotes.com to instantly get competitive life insurance quotes from the nation’s leading insurance providers. Simply fill out a short online form on InsuranceQuotes.com to find the right insurance coverage at the best possible price in minutes. Take the time to protect you and your family today.