If you're young and healthy, the last thing you're likely to think about is your own mortality. A 2017 Princeton survey commissioned by InsuranceQuotes.com found that 65 percent of 18 to 29-year-olds don't have life insurance. Of those who lacked coverage, 71 percent said it wasn't necessary because they're young and healthy. There are some benefits to consider buying life insurance in your youth.
1. As a general rule, life insurance for young adults is less expensive the younger and healthier you are when initially purchasing it.
2. Life insurance can reduce the stress for your loved ones by paying for burial costs or other final expenses.
3. Cosigners are sometimes legally responsible for shared debts. So if your parents cosigned for your private student loans, the lender may require them to pay what's owed if something happens to you. A life insurance policy could provide the means to your parents to pay off the debt and any other financial obligations.
4. Permanent life insurance policies can serve as a tax-advantaged savings vehicle through the accumulation of cash vale. Life insurance is a great additional option to consider in your overall retirement planning.
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