Turning 18 Term life insurance

Are you’re a young adult turning 18 or the parent of a young adult? Consider the financial protection of purchasing life insurance. Assuming that you don’t need life insurance because you’re young is a huge mistake. Nobody wants to think about anything tragic happening, but life insurance is the best way to ensure that your family and loved ones will have the money they need. Or even plan for your future regardless of what happens. Besides, for a young applicant, the cost of premiums is considerably lower now, than if you wait unit your 30s or 40s. 

As you can guess from the name, whole life insurance plans will never expire. But if you’re not ready to make a lifetime commitment, “Turning 18 Term” life insurance is ideal. It is a great way to get the most coverage that you need at the lowest price. As an added value, some term life plans may include living benefits. Policies with living benefits can provide additional protection for student and reassurance for parents as they leave home and head off to college. 

Term life insurance is temporary coverage for a specific time period of time (10, 20 or 30 years). However, some term life insurance policies are convertible in the future to whole life policies for permanent coverage. Sure, you may not think you want life insurance right now. But wither you’re a young parent or a grandparent, life insurance offers you and your family financial protection from the risk of death too young. Be mindful that financial responsibilities and the need for coverage will increase each year as you age. So why not go ahead and purchase one of those plans today. Save money on the cost of premium and even grow cash value if you prefer whole life insurance.

As a new parent, there are all new expenses and responsibilities. But as early as your 18th birthday, you can qualify for “Turning 18 Term” life insurance. Although it’s a question most of us don’t want to think about—or not very often, anyway. You really need to sit down and think, what if something were to happen to me? It’s important to make sure there are assets to pass on to your kids for their care and or futures. But to also name a guardian to care for them if you and your partner were to pass away. Without a will naming who will care for your children, you are basically giving the state the power to decide who raises your children. No parent would be happy about that outcome.

Unfortunately, the need for coverages often not addressed. Yet life insurance is one of the first things parents should put into place. Especially young parents, who are still in school. Or in the early stages of establishing and building their careers. The rule of thumb is to have an amount equivalent to seven to ten times your projected income. But as a young parent considering the details of how much and what kind of insurance will depend on your family’s needs and future goals.

The main purpose of life insurance is to ensure that your loved ones will have the money that they need to pay off any bills that they would be responsible for if something tragic were to happen to you. For most applicants, their mortgage is the largest bill that their family will be left with, but as an 18-year-old, you probably don’t have a mortgage loan (but you might). If you are a parent, also consider debt that you may be responsible for if you co-signed such as a car, credits cards, etc. Otherwise, for most young adults a policy that just covers their debts and any burial/final expenses will set their loved ones up well financially.

Private student loans are one of the biggest reasons that young adults should have a life insurance plan. If you’re in college or about to go to college, you could end up with some massive student loans. Instead of a large mortgage, most young adults have student loans, which can be significantly larger than an average mortgage. If something tragic were to happen to you, your family could be responsible for paying off all of those bills and other debts. If you are a parent that has co-signed for these private loans, you may likely be still responsible the repayment. The proceeds from a life insurance policy are tax free and can be used to repay private student loans. If you have student loans, or you are about to have student loans, it’s a good idea to have a life insurance policy. You should purchase a plan that will cover at least the size of your student loans.