Ignoring life insurance is not such a great idea, because you never actually know what might happen to you. Just because you are young does not mean that you are not capable of dying like someone that is older. However, it is less likely for someone that is young to die. Life insurance is not really needed until you are older, but you really never know what could happen to you. For the most part, parents or spouses are able to cover the charges for a funeral if their loved one dies young. If for some reason your family does not have the money to bury you then they will need to get a policy for you for about $9,000. This should take care of the charges for a burial.
One good example would be a single woman about the age of 25 years old who is a college graduate. She is a hard worker and she is looking into buying a home fairly soon.
She has a couple siblings that bought their homes when they were younger as well and she feels the need to do so too. There are actually plenty of cases that are just like this one. When the young lady that is 25 years old buys her home she will most likely have a mortgage payment. In the case that she might die, she wants to make sure the home is paid off. Now, this is a perfect example as to why someone that is young and single should invest in getting life insurance.
A young man about the age of 23 years old is very smart and is taking classes in the psychological field. It has taken him a few years for him to reach his goals in college and to make it as far as what he already has. He has already graduated from college, and he takes into consideration some of the health issues that run in his family. He knows that it could be possible that he could develop some of the health issues that his grandparents have suffered from so he takes this into consideration as a good reason to get life insurance. This young man also knows that he plans to get married later on in life and have children. If he gets life insurance it could cover the costs of his home and help to take care of his family if something were to happen to him.
One More example:
A young single person intends to start their own business one day soon. The person wants their business to be very successful. Life insurance is something that is needed whether the person decides to go into a partnership or a corporation type of business. Most self-employed people know that it is a smart and responsible idea to get life insurance to fund a buy/sell sort of agreement for employees. If life insurance is purchased then there will be no issues when it comes time to use it. While the person is younger, they have a lower risk of dying so their payments would be low, and as they age the payments would get higher every few years.
The above mentioned examples are very much like real circumstances that have occurred, so you could really reference from them if you are a young single person that is interested in looking into getting life insurance. It is definitely a smart idea to invest into it. If you are young, there is little need for it, but you still don’t know what your plans are or what will be going on in your life 5-20 years from now.
Izzy Mackey works for LifeInsurance.org.uk an insurance website in the UK that provides rate quotes.