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When it comes to life changing events, starting a family can be one of the most eye-opening experiences for young adults. It’s also a great time to re-evaluate your priorities and decide what’s most important for the future wellbeing of your loved ones. No longer are you the only person to account for. Your spouse and children become the center of your existence and you want to do anything you can to make sure they are protected and cared for.

Most of us have the same goal our parents did, which is to give our children and spouse a sense of security and the best life we can. The best way to accomplish this is to start planning as soon as you can for future events and possibilities.

As dreadful as it is to talk about, you must talk about life insurance if you have loved ones who depend on you financially. Have you ever taken a minute to think about how life would be for your loved ones if the unexpected happened and you couldn’t be around to provide for them?

» Learn more: Talking to Your Family About Your Life Insurance

If after thinking about this you determine that your young children and spouse would be just fine financially without you around to provide, then you probably don’t need life insurance. Typically it’s only the very wealthy that wouldn’t be in a financial bind if a spouse were to pass away without life insurance. But if an image popped into your head of your spouse and children struggling to pay three months’ worth of bills if something unexpected took your life, then you definitely need life insurance.

Have you ever taken a minute to think about how life would be for your loved ones if the unexpected happened and you couldn’t be around to provide for them?

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Young families are prime candidates for affordable temporary life insurance, otherwise known as term life insurance. Term life is nothing fancy and it’s all most people need. Just a simple policy that ensures your loved ones will be able to maintain their current standard of living if you’re not around.

Remember, the younger and healthier you are, the cheaper the insurance. A 30-year-old can get a life insurance policy for just a couple dollars a month to cover any financial struggles that would present themselves if he or she died.

» Compare: Term life insurance quotes

Estimated Monthly Cost of a
$250,000 20-Year Term Policy
for Healthy Non-Smoker
Age 25Male: $13
Female: $12
Age 30Male: $14
Female: $13
Age 35Male: $15
Female: $14
Age 40Male: $19
Female: $17

 

Estimated Monthly Cost of a
$250,000 30-Year Term Policy
for Healthy Non-Smoker
Age 25Male: $20
Female: $17
Age 30Male: $21
Female: $18
Age 35Male: $24
Female: $21
Age 40Male: $31
Female: $26

 

Estimated Monthly Cost of a
$500,000 20-Year Term Policy
for Healthy Non-Smoker
Age 25Male: $21
Female: $18
Age 30Male: $22
Female: $19
Age 35Male: $23
Female: $20
Age 40Male: $32
Female: $27

 

Estimated Monthly Cost of a
$500,000 30-Year Term Policy
for Healthy Non-Smoker
Age 25Male: $33
Female: $27
Age 30Male: $35
Female: $29
Age 35Male: $40
Female: $34
Age 40Male: $57
Female: $46

 

Estimated Monthly Cost of a
$1,000,000 20-Year Term Policy
for Healthy Non-Smoker
Age 25Male: $36
Female: $30
Age 30Male: $37
Female: $31
Age 35Male: $39
Female: $34
Age 40Male: $55
Female: $47

 

Estimated Monthly Cost of a
$1,000,000 30-Year Term Policy
for Healthy Non-Smoker
Age 25Male: $55
Female: $45
Age 30Male: $61
Female: $51
Age 35Male: $70
Female: $60
Age 40Male: $103
Female: $84

So, if you think you’re too young for life insurance, I’d say the opposite is true. You’re the perfect age for life insurance! Buy it cheap now and it can last up to 30 years. By that point, your children will be grown and you’ll hopefully have other assets and savings. You can re-evaluate your need at that point.

So, take a look around the room. If you have pictures of someone you love on your desk, as the screensaver on your computer, or hanging on the wall, then take the time to buy life insurance to protect them.

» Calculate: Life insurance needs calculator

 
Photo credit to: badski007

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Writer, Editor, and Co-host of Quotacy's Q&A Fridays

Natasha is the content manager and editor for Quotacy. She has been in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. When not at work, she's probably studying and working toward her Chartered Life Underwriter (CLU) designation while throwing a tennis ball for her pitbull mix, Emmett, or curled up on her couch watching Netflix. If it’s football season, the Packers game will be on. Connect with her on LinkedIn.

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