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Top 3 Reasons to Buy Life Insurance (For Every Age!)

Here at Your Life Insurance Source, we often get asked why life insurance is important to have. Lately, though, we’ve gotten this question from people of all different ages. Life insurance is important at every age and every stage of your life but the reasons do vary. Here are the top three reasons to carry life insurance at every age group.

Ages 18-30

  • Student Loans. According to LendEDU, the average student graduates college with about $39,000 in debt. While some student loans are forgiven upon death, many are not. Your family and loved ones have spent so much time, money, and effort to get you through college – should you really leave them straddled with the remainder of your student loans?
  • Funeral Expenses. This is one cost that never changes. Even if you don’t have any lingering debt, someone will have to cover your funeral costs. Funerals can easily run as high as $10,000 regardless of age. While your loved ones are mourning, make sure they aren’t burdened with the added stress of this expense as well.
  • It’s Cheap When You’re Young & Healthy! A $100,000 policy for a healthy 22-year old may run about $15 per month. That’s about the same as 2.5 pumpkin spiced lattes or 3 beers at your favorite watering hole. For such a low cost, there’s no reason to put your family’s well being at risk. Get started on a $100,000 policy for as little as $15/mo today, depending on your age and health.

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Ages 30-50

You’re well on your way to becoming a real adult. Your paycheck has grown and, likely, so has your debt. You should carry a higher-value life insurance policy for these reasons:

  • Protect Your Family. They rely on your income. In today’s modern times, a single income is usually not enough. According to the 2014 Consumer Expenditure Survey, the average annual household budget is over $63,000. Compare that to the average salary of $50,000 per adult in this age range as reported by the Bureau of Labor Statistics – it’s easy to see why you and your spouse both need life insurance to ensure your family will live comfortably after your passing. 
  • Pay Off Debts & Mortgage. According to Experian, the average 2017 mortgage balance per household is over $200,000. On top of that, according to Nerdwallet, households that carry auto loans have another $27,000 of debt. Regardless of the type of debt, don’t leave your loved ones in a bind in the event of your death. Ensure you have enough coverage to pay off your debts so your family doesn’t have to sell the house just to get by.
  • Give Your Children A Path to Success. You’ve worked so hard to build a better life for your children. CollegeData found the average cost of 4 years of college is $100,000 for state schools and $200,000 for private schools. Now multiply that by the number of children you have – unless you’ve already saved a quarter to half million bucks, it is easy to see how life insurance is a must so your kids can get the education they need. Ensure your children’s future by starting your life insurance quote here.

Age 50+

You’re starting to see your kids grow up, the mortgage is (finally!) nearing its end, you’re looking forward to retirement, and you’ve saved a fair amount of retirement but you’re not in the clear yet.

  • Your Kids After College. Whether your kids are still in college or not, they may still need your help during the first few years in the real world. According to PSID Transition to Adulthood Supplement data, nearly 40% of 20-somethings get financial help from their parents. Without you there, who will they turn to for help if they hit a couple of bumps along the way? Make sure they have security to fall back on. Start a life insurance quote today.
  • Your Spouse. Even if your kids are in a good place, don’t forget about your spouse. Without your income as you near retirement, does he or she have enough to maintain the lifestyle you’ve both become accustomed to? If not, he or she may be forced to sell the house or even dip into retirement savings just to make ends meet. Ensure you take care of the one person you’ve built everything with by starting your life insurance quote now.
  • Consider Whole Life to Save & Insure in One Package. If you’ve made good choices and your debts and savings are in good order, consider putting your free funds into a whole life insurance policy. Whole life is a combination of life insurance should something happen combined with a cash-building savings feature available in the future if nothing happens. Explore a whole life insurance policy by filling out some information here.

No matter what age group you fall into, life insurance is smart. It offers protection for you, your loved ones, and their future. Get started today by telling us a little about yourself.