What is Life Insurance?
Being a young adult is all about achieving milestones. Getting your first job, buying your first car, getting your own place. But one important milestone young adults often overlook is getting insured, or more specifically, purchasing life insurance. There’s a common misconception that life insurance is made for middle-aged and elderly individuals. However, that’s not true at al
Life insurance helps you get started on your journey to being in control of your finances. Think about your future milestones such as finding a partner, raising a family or having elderly parents to look after. Life is unpredictable and anything can happen. To secure a future for both you and your loved ones, life insurance is something you should not dismiss and here’s why.
Life Insurance Benefits
1. Peace of Mind
Having life insurance gives you the ultimate peace of mind, especially if you have people who depend on you for financial support. The life insurer provides a payout to your loved ones and ensures they are protected from financial hardship if something unexpected happens to you. In cases such as total and permanent disability, it allows you to supplement your loss of income.
2. Settle Your Debt
Debt doesn’t go away when you’re no longer around. Credit card bills, car and housing loans, the burden of paying off these debts may fall to your next-of-kin in your absence. Think about whether your loved ones will struggle to pay off these unexpected expenses. Take responsibility for your own finances and allow your family to move forward without extra burdens.
3. Safeguard Your Family
Life insurance is a way to take care of your family, such as any dependents or children, after you’re gone. Buying life insurance benefits your loved ones and takes care of their financial burdens in the future. Let your loved ones live their life worry-free, even through the hard times.
Why Do Young Adults Need Life Insurance?
As a young adult with your entire future ahead of you, life insurance may not seem relevant, but the sooner you start thinking about it, the better. Buying insurance early gives you the benefit of lower premiums and allows you more flexibility in choosing the life insurance policy you want.
Life insurance doesn’t just offer protection in the event of death, it also covers total and permanent disability, where a person is unable to work or live a normal life due to injuries or accidents. This is why life insurance is necessary and still as important even if you do not have any dependents or children yet.
Investing in life insurance is an important financial decision that’s best made as soon as possible. Think about your long-term future and the benefits life insurance provides. Be prepared for the worst-case scenario, if not for you, then for those who rely on you.
Looking for a life insurance plan in the Philippines? Get in touch with us to find out more about our life insurance products.
