I just graduated. Isn’t it too early to talk about life insurance? – Life happens

First of all, congratulations! All of his hard work has finally paid off and he has been rewarded with that sweet certificate. What’s next?

Whether you’re continuing your education, entering the workforce, or building a relationship with someone special (or all of the above), life insurance should be part of your plan. You may be thinking, “but i’m young! Isn’t that life insurance for seniors?

Life insurance It may not seem like a priority right now, especially with competing financial concerns like saving up for your first big purchases or paying off your student loans. But being a young adult means that you are entering a new phase of life. Here are some reasons to consider buying life insurance now, depending on your personal situation.

a new graduate

Just finished school and looking for a job? We get it, money is probably tight. However, consider to term life insurance policy, which is generally one of the least expensive options. It will probably never be more affordable than it is now, and it probably will be less expensive than you think. If one of those terrible “it could never happen to me” things really does happen, you won’t let your parents or loved ones bear the financial burden of paying final expenses.

Enter the job market

If you’ve just started looking for a job, you may also be budgeting for the first time. Money has a way of disappearing quickly if you don’t keep track of your spending habits.. Consider Direct at least a portion of your salary toward long-term financial goals, such as saving for retirement and purchasing a life insurance plan.

This is also an opportune time to explore life insurance offered through your new employer. It is usually equal to one or two times your salary, or it can be a fixed amount like $50,000. While employer life insurance alone is usually not enough coverage as you get older and have more financial responsibilities, it’s still a great benefit to have. And did we mention that life insurance from your employer is usually free to you? So be sure to take advantage of it when you receive your new hire paperwork and assign the appropriate beneficiary.

Preparing for the future

Graduation is often a time when other life milestones begin to take shape as well. If you plan to buy a house, get marry or have children, you can help protect your loved ones by purchasing a life insurance policy now.

You really never know when the unexpected will happen. Take the Summer Stokes story, for example. At 22, Summer was running her own household, working full time and going to school with dreams of becoming a doctor. When she found out she was going to be a mom for the first time, she bought life insurance, even though she was on a tight budget and her mom, Coleen, originally advised against it. That ended up being the most responsible decision she could have made for her son, Nathan, and her future. See her story here.

Pay your debt and expenses

Life insurance is also important if your parents co-signed over your student loans or other debts, such as a car. If something happens to you, your co-signers could immediately be overwhelmed with the responsibility of taking care of these payments. Life insurance can help alleviate or even eliminate these expenses.

Depending on your circumstances, you may also have to pay other final expenses, such as medical bills. Life insurance could help cover these costs.

Why do I have to do it now?

Obtaining life insurance as a recent graduate can present you with several advantages. during his application process, it will undergo something called subscription. In short, the insurer reviews your health records and decides the probability that you will die. Based on this risk, you are approved or denied. No one is guaranteed to be approved for life insurance, but you generally have a much better chance of qualifying when you’re younger and in good health.

insurers Also determine how much you will pay, called your premium. If he’s younger and healthier, he’s likely to be offered a lower premium than someone who waited until he was older and his health deteriorated, even slightly.

Choose your policy

So, have we convinced you to consider purchasing a life insurance policy? Excellent! The next step is to choose your policy. We highly recommend meeting with a financial professional who will review your situation and explain the many types of coverage so you can decide what is best for you.