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I’m Young and Healthy; Why Do I Need Life Insurance?

iStock_000008633067SmallWhen you’re young and healthy, you probably don’t consider your mortality very often. Therefore, you might feel that you don’t need to purchase life insurance. But there are several reasons why young, healthy people need at least a basic life insurance policy:


  1. Provide for your spouse and/or children. You might feel as if you spouse would be able to survive financially without you. However, a life insurance policy would help cover any debt that you hold jointly, so that your spouse doesn’t experience undue financial strain if something happens to you. If you have children, consider the cost of your spouse suddenly becoming a single parent.
  2. Cover your burial expenses. At the very least, everyone should have at least a minimal life insurance policy, so that relatives are not burdened by the costs of a funeral and burial should the unexpected happen.
  3. Think of your parents. A child passing away before their parents is not how we see the natural order of things, but it does happen more frequently than you would think. Aside from your burial expenses, your parents would lose any help you could have offered to them in their old age. You won’t be around to care for them in the event their health fails, so they may experience greater than usual costs for in-home caretakers or a nursing home.
  4. Give your family time to grieve. In the event of your unexpected death, your family would need time to grieve their loss. Even if they seem financially stable now, the time off from work for bereavement may cause them significant strain.
  5. Leave behind a legacy. Like most young, ambitious people, you probably have dreams you want to accomplish. In the event your time on Earth is cut short, you could still leave behind a legacy to a worthy cause.


Since life insurance rates are generally very low for people in their twenties and consider purchasing at least a basic policy to protect your loved ones.