Many young adults may not worry about term life insurance. Instead, they think that life insurance for young people may not be needed unless they are doing something dangerous. In fact, both whole and term life insurance may help cover payment for expenses like funeral costs and debts like college loans, vehicles, and credit that many young people face.
Interestingly, a 2010 survey released by Prudential showed that the average Gen Y’er did not comprehend the purpose of life insurance for young people. The common belief is that life insurance is only for people in high-risk jobs or the elderly. However, this could be far from the truth. Hence, being informed may make a difference. Many young people go to the Internet to review and research the products they like before they buy. In the same way, they may also be able to comparison shop and find out about different insurance services for better financial planning. Term life insurance may also be a suitable option for many young people because it can be less expensive. To learn more, read the article “Life Insurance for Young People: Whole Life Insurance Gaining Popularity.” <hyperlink: article 34>
When you are thinking about purchasing life insurance for young people, it may be easy to go online to learn, compare, and shop from the convenience of your computer. In addition, chatting with a professional may still be helpful as you make a purchasing decision about a whole or term life insurance policy.