Young and insured: Why single people need to have life insurance now

Allen C. McLellan, an associate dean and assistant insurance professor at The American College, says that buying an insurance policy even before an individual decides to settle down is a wise move.

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Three years ago, LIMRA, a worldwide research and consulting organization for the insurance and financial service industry, has declared that 11 million households with children under 18 had no life insurance coverage. A very different thing happened at the outset of this year, as USAA Life reported that the number of single people getting life insurance for themselves has increased, which means more and more young people are becoming aware of the importance of having life insurance.

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Of course, buying insurance at a young age sounds like a “preparation for the future,” which it certainly is. But there are some practicalities involved in it, too. Buying a policy this early is a good move, because premium prices for the young and healthy are cheaper than for seniors with health problems. It is also a good start to leave a legacy for their would-be children and spouse. Having a life insurance is also beneficial for young Americans, for they could borrow money from the insurance firm should an emergency arise.

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Life insurance comes in many varieties; hence, carefully choosing the right one that encompasses the single person’s needs is a must. Working with an honest and experienced insurance professional will also help young people better understand which type of insurance is right for them.

For recognized insurance agents like Don Bullard, having the best life insurance is synonymous to valuing life. His company website, donbullard.com, shares more details about the different types of insurance.