It is fairly easy to understand why so many people between the ages of 18 to 34 do not think they need life insurance. However, it’s incredibly important for anyone at any age to look into life insurance plans.
For those who work at a full-time job, there are often (not always, it depends on the position, company and industry) life insurance policies offered by your employer. Sometimes these insurances are seen as supplemental and are offered at no charge or premium to the employee. If it’s being offered at no cost, there’s really no downside to applying for it and starting to rack up money as you work at the company and to secure you later on in life.
When you are younger, most of your energy is focused on yourself and your personal situation and goals. The older you get and the more your situation changes, so does your point of view. Marriage and children make a huge differences, as well as mortgage, and you start realizing that it is not about just you anymore. Having life insurance will ensure that your family is financially covered (at least to an extent) if you unexpectedly pass away. While it’s a somewhat depressing thing to think about, you should make sure you’re covered in any situation, whether it’s a best case scenario or worst case scenario. You can also use it to prepare for something that is unlikely to happen, but if it were to happen, it would absolutely devastate your family or business financially. It offers the peace of mind you need to continue with your business and life without the stress of worrying about the what ifs.
Life insurance at its core isn’t about you; it’s about protecting others in your life. So whether you start a family or a business, that money will protect those that are in your family or in business with you to make sure they are all taken care of. It’s especially pertinent if you have someone in your family that has special needs and will need some sort of ongoing care for the rest of their lives. With life insurance, there will be money in place so you don’t have to stress out worrying about what will happen to that loved one down the line. A lot of these insurances have some sort of need in place (for instance, insurance to protect your children until they reach a certain age), so you won’t necessarily be locked into it for the rest of your existence, either.