Do You Need Life Insurance in Your 20’s?

Post Created in Partnership with Quotacy.

Death can happen at any time, no matter what your age is or how well you take care of yourself and your health. As many of you know, I’m still in my early to mid-twenties, but what you may not know is that I’ve been thinking a lot about life insurance lately.

Why I Need Life Insurance

My full-time employer offers some life insurance for all employees, but it is based on how much your annual salary is and there’s no option to buy additional coverage.

Unfortunately, in my current financial situation, the life insurance policy I have through my employer is not enough to completely cover my debts if I were to die today, or in the near future.

I don’t have co-signers on any of my debts, but I still wouldn’t want anyone to be hounding my family if I were to die suddenly with lots of unpaid debts. So, looking into buying additional life insurance has been on my to-do list for the last couple of months. I want to buy enough coverage to pay all my debts in full, plus a little extra to cover any death/funeral costs.

Quotacy to the Rescue!

Luckily, I found Quotacy the other day. Their website makes it easy to compare many life insurance products from many different companies all in one place before choosing which product is right for you.

After your enter some of your basic information, like your zip code and gender, the site provides you with a general quote. Next, you can alter the amount of coverage and length of coverage you want before entering some more specific health information to get a more accurate quote. Unlike other online quoting sites, Quotacy tries to set realistic expectations up front by getting you as close to the final price as possible before you apply. If you are unsure of how much coverage you truly need, there is a tool to help you determine that too.

The best part about getting quotes from Quotacy is that the whole process of obtaining a quote took me less than 2 minutes to complete, and there were nine different policies for me to choose from!

Once you have your list of quotes you can select the one you are most interested in and review your information before actually applying for that coverage. You can apply for coverage online right then, and Quotacy reviews every submission to make sure you’re applying for the best, most affordable policy available based on any unique health or lifestyle characteristics you may have listed on the online form. Isn’t that great? If you have questions at any time throughout the process, you can call them or email them for help.

Quotacy also has an awesome blog to help answer even more of your life insurance questions, like how to file a claim, questions to ask before buying a policy, and why single people need life insurance too.

If you think you may need life insurance, check out Quotacy for more information about life insurance and for help with making your decision about what type and how much coverage is right for you. Now, I just need to get my application finished!

Have you thought about getting life insurance? Why or why not?

About Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

Comments

  1. Life insurance is so important! Many people think that just because they are young they don’t need it. Fact is, you never know if something will happen to you, and in many instances others do rely on you (either to pay your debt or a family member).

  2. I know when I was in my 20s I barely considered insurance. I had a small policy because I was a single mother. In my 30s I started to sell insurance and definitely so the merits of it. I still do, but in a different light. I now have some health issues, what I would consider “minor” but I am on medication for it. I pay double the premium my husband pays for the same coverage. Oh yeah, and baby #3 brought on gestational diabetes. Spike in premiums there too. I know we think, ” I am healthy, I eat well, I am not overweight, etc.” so did I and still I wound up with health issues that have changed how the insurance companies view my mortality.

    • These are good points Jennifer. I’m glad you had at least some coverage in your 20’s. Though you didn’t really think about it then, being a single mother made it even more imporant to have some coverage in case something were to happen to you.

  3. Even though I didn’t have a family at the time I bought a 30-year $500,000 term life insurance policy when I was 24 years old for $500 annually. That was a painful payment for me when I was in my twenties, but eventually my income grew and the payment became painless. I don’t regret buying it for a single minute.

    • Wow! That’s not too expensive at all really. I understand the payment may seem painful when your income is low, but as you said it will get easier to afford as your income grows.

  4. My parents actually took out a life insurance policy on me as a child. They turned it over to me a few years ago and I actually cashed it out to finish paying off my debts. I think it was the right decision for me (all my savings will easily cover a funeral and my parents can “float” the cost of it for a month or so while my estate is probated), but life insurance definitely can apply to more than just parents.

  5. I have some through work but am not too fussed as we don’t have dependents or much in the way of assets.

    HOWEVER. I do want to get life insurance for my partner once he’s back in FT work. Income protection insurance doesn’t cover redundancy but some life insurance policies do – that’s why I’m interested in it for him.

    • These sound like pretty well-thought out decisions to me. At least you are thinking of life insurance, many young people do not even contemplate whether it makes sense for their situation or not.

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