Should You Get Life Insurance as a Young Adult? [infographic]

The Catawba River Insurance Group • April 14, 2023

You may not realize it, but a good life insurance policy is just as valuable and important to young adults as it is to older adults who are more established in their lives and careers. However, many people in their early 20s don’t see any reason to purchase a life insurance policy. After all, why get a life insurance policy if you’re young, healthy, and don’t have any dependents?

Just about every adult would benefit from a life insurance policy, and here are a few reasons why this type of insurance policy is important for young adults:

  • Your rates will stay lower. The younger you are when you purchase a life insurance policy, the lower the rates will be as you age. If you purchase a life insurance policy in your 20s, you’ll be able to benefit from these lower rates as you get older, unless you change your coverage.
  • Health isn’t guaranteed. While young people are typically at a reduced risk of severe health complications, good health isn’t guaranteed for anyone, regardless of their age. If you suddenly get very sick as a young adult, you’ll want to make sure your loved ones are saved a large financial burden in the event that you pass away.
  • It can help you build your credit. Building good credit is important in your young adult years. It helps you qualify to make the bigger purchases that come with being an adult, such as a car or house. Purchasing a life insurance policy helps build your credit, as permanent life insurance policies can increase in cash value, which you can borrow against.

If you’re a young adult and want to learn more about how purchasing a life insurance policy will benefit you and provide your loved ones with some financial security if you pass away, contact us at The Catawba River Insurance Group.

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