Why You Need Life Insurance, Even If You’re a Millennial

As we grow into adulthood, we gradually become familiar with different kinds of insurance at various life stages. For instance, many of us begin to learn about auto insurance when we turn 16 and get our first car. Our first brush with renters insurance often comes during or after college when we, naturally, get our first apartment. After that, home insurance is frequently not too far down the road.

However, many young people tend to forget about life insurance. Many millennials associate life insurance with older, more established individuals with spouses, children, and 401Ks. The truth, though, is that life insurance is vital, even if you are under 30 and do not have children.

Courtesy of the Bachmann-Zeitlin Insurance Agency, your place for life and property insurance in Bucks County, PA, here are a couple of concrete reasons to consider life insurance, even if you’re young.

• You can save on payments in the long run. The cost of your life insurance is calculated according to risk of mortality, which means that the older you are when you sign up, the higher your rates are going to be. Conversely, young adults who are in good health pay much less for their coverage. By taking out a life insurance plan when you are still in your 20s, not only will you start off at a lower rate, but your rates will even remain somewhat lower as you age, saving you money in the long term.
• You can prevent your family from inheriting your student debt. Many college graduates have a fair amount of student debt, often running into the many tens-of-thousands. If you are the only signatory on your federal loan, it will be canceled entirely in the event of your death. However, if others have cosigned on your loan (your parents, for instance), then they could be expected to cover your debt. A life insurance policy can go a long way in preventing such a scenario, as your co-signatories could use your coverage to zero out your loan.

Interested in learning more about your insurance options? To get in touch with the leader in life and homeowners insurance for Bucks County, contact the Bachmann-Zeitlin Insurance Agency today by calling 267-288-5193.