Many young people who recently graduated from college and are in their first jobs are struggling to establish themselves and become financially independent. They often focus on their current situation, pay their monthly bills, and do not give much thought to the future. Death seems like something that is decades away, and it is not given much thought.
Most young adults in their 20s and 30s think of life insurance as something that older people need to support their families if they die. Young people usually expect to live a long time and don’t think about what might happen to their families if they were to die suddenly.
Millennials should think about life insurance, however. Life insurance is especially important for people who have a spouse and children. If family members rely on a person’s income and he or she passes away, the surviving spouse will have to shoulder the burden of paying for a mortgage, car, food, medical expenses, and other costs, in addition to the children’s future college expenses. Life insurance can provide much-needed financial support so the surviving spouse and children can stay in their home and continue to live comfortably.
Life insurance is also important for many young adults in their 20s and 30s who are not married and do not have children. Young people often graduate from college with tens or even hundreds of thousands of dollars in student loan debt. Some parents co-sign those loans so their children can get approved. Parents may also help out by co-signing vehicle loans and mortgages.
If a child dies suddenly, his or her parents will become responsible for any debts that they co-signed. Having to unexpectedly take on the responsibility of repaying many thousands of dollars in loans could bankrupt parents. Life insurance can be used to pay off those debts and prevent surviving parents from struggling financially if a child passes away unexpectedly.
Unfortunately, death can occur at any time, even to young people. An illness or an accident can strike without warning. Life insurance can provide financial security for surviving family members if a young person passes away. It can help a spouse, children, or parents meet their financial obligations and can prevent financial ruin for family members.
Petruzelo Insurance urges all people in their 20s and 30s to consider getting life insurance. We can help you compare rates from leading insurers. Contact us today to get a quote.
For more information on life insurance in Connecticut, call: 1-866-479-3327
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