Why Would a Young Single Adult Need Life Insurance?

I recently had a conversation regarding life insurance with someone who is age 25. This young adult lives at home with his parents and has recently started his own business in landscape maintenance. He previously worked as an employee for a landscaping company and is now branching out on his own. I asked him if he had any life insurance. He said "I am single, have no children, no college loans, and live at home with my parents; why would I need life insurance?" His attitude was a common one among younger single individuals but there are many reasons even a healthy,single man in his mid 20's would want or need life insurance.

Our conversation then took on a morbid tone. I asked him if he was cutting a tree in a client's yard and it fell on him and he died, who would pay for his burial expenses? He looked at me and said "I guess my parents would". We discussed the fact that an average cost of a funeral is approximately $10,000; and it may be unlikely his parents would have that amount of money available to them, especially if he did not have any <a href="http://www.pivot.com/Learning-Center-Life-Insurance">life insurance</a> in place.

At this point of the conversation, we discussed how inexpensive it would be to buy a life insurance policy at his age. He's had no health issues up to this point in his life. I indicated he could potentially purchase a $100,000 term policy for 10 years for perhaps as low as $7.18 per month. He was surprised it could cost so little. This amount of life insurance coverage would pay for burial expenses, credit card debt, loans on his business truck and car. As the term is only for 10 years, it helps keep the cost down as his business continues to grow. As his needs change, we could look at other life insurance options for him.

If you are a young adult considering purchasing a life insurance policy for the first time, please take a few minutes to learn about <a href="http://www.pivot.com/Learning-Center-Life-Insurance">life insurance</a> in general to better educate yourself about the myriad options available to you. If you have any questions, or would like to start the process of applying for a policy, please contact a life insurance marketplace professional. The right life insurance marketplace can help you make one of the most important purchases in your life.