Just Starting Out: What Young People Should Know About Their Coverage

If you are just starting out as an adult, you already know that there are plenty of traits that set your generation apart from those before. Technology, economy, politics, major world events (like COVID) and more have shaped the world we live in and the way you grew up, and therefore impact how you think about, and plan for, your future. However, one aspect of preparing ahead has not changed: life insurance.

Life insurance coverage is a key piece of your plan for the future, and while it’s easy to think of it as “far off” and something you can consider in more detail as you head into retirement age, it’s actually something you need to give serious consideration to NOW. Why?

First, life insurance is actually cheaper and easier to obtain when you are in your younger, healthier years. The lower risk an insurance company considers you, the better premiums and rates you are eligible for with your coverage. That means better protection for you and your family, with less money coming out of your pocket each month. What’s more, you have no guarantee that you will be healthy through the duration of your “prime” years. Accidents, illness, and sudden death can hit at any age, and if you haven’t prepared, your loved ones will pay the consequences. Finally, if you put off getting coverage, it can actually make it much harder to acquire as the process does require time for processing an application, interviews with providers, etc. You don’t want to wait until it’s too late and then be in the middle of trying to get coverage when a need arises.

It’s important to note that life insurance isn’t just for covering burial expenses or giving your family members a “kick back” if you were to pass away. Consider, for example, outstanding debts you currently have such as those associated with student loans. Many of these loans required you to have a cosigner, and if you were to die, those debts are still required to be paid in full. That means your cosigner, be it parents, a spouse, or other family member/friend, would suddenly be required to make payments toward your loans that they may not have been prepared for. So by failing to plan for life insurance coverage, you would be placing added burdens on your loved ones on top of them being left to grieve losing you. No one wants to do that!

Carroll Marshall Insurance is here and we are equipped with years of experience in building coverage packages for individuals of all ages and families of all sizes. We work closely with you to determine your policy needs while evaluating your budget and determining exactly what plans would work for you without being a financial burden or leaving you without important coverage in the case of an unexpected event. As Winter Haven locals ourselves, we treat each client like a friend and neighbor, and we truly want what’s best for you. Give us a call with questions or to schedule a consultation!