Why Do Young People Need Life Insurance?
Life insurance covers a wide variety of events in case something happens to you. As a current college student or a recent graduate, the last thing you want to think about is insurance and the inevitable reality of death. But having life insurance can be extremely beneficial to a young person. To name a few, having life insurance ensures that
· If something happens to you, your children and/or spouse will be cared for financially
· College students/graduates with parents who co-signed on student loans will not be responsible for repaying your loans in case of untimely death
· You have peace of mind during a trying time
· If something happens to you, your survivors will not have to pay any taxes or penalties
What are the Different Kinds of Life Insurance Policies?
There are two different kinds of life insurance available, a term life policy and a whole life policy. As the names would suggest, the different between the two policies is that one is for an allotted amount of time and one will cover the policy holder’s whole life. When it comes to the amount of coverage, these two plans do differ. While the premium is usually much lower for a term life policy, it is only payable in the case of death for the policy holder. A whole life policy has the advantage of providing cash in case of unexpected emergencies. If the policy holder passes away, a whole life policy will also usually cover funeral expenses and a lump sum payment to the beneficiaries.
Which policy is best for you always depends on your individual circumstances. If you have any questions, feel free to contact our Agents at Keenan Insurance. They are always happy to help!
Can I Afford Life Insurance?
Life insurance is typically always cheaper for younger people, and if you are able to lock in your rate at a young age your premiums will stay low for as long as your policy is in place. But the word “insurance” strikes fear into the hearts of most people, especially after racking up student loans. But have no fear, Keenan Insurance is here! When it comes to life insurance premiums, most plans prices range from four cups of gourmet coffee to filling up your gas tank. In retrospect, these small expenses protect your family financially if something happens to you. With this in mind, having life insurance as a current or recently graduated college student should be a necessity.