Life Insurance for 18-Year-Olds

Millions of teenagers and young people don’t think about investing in life insurance. Most young people will never get life insurance. In fact, a study by insurance research company Limra found that only 11% of adults aged 18 to 34 said they were likely to get insurance. This number is still very small, especially if you reduce the age limit to 25 years old.

Purchasing life insurance can be a confusing process, especially for young people, but it may be easier than you think. Depending on your age, you can ask yourself a few questions.

Who will pay off your debts?

The main purpose of life insurance is to ensure that your loved ones have enough money to pay the bills they are responsible for if something unfortunate happens to you. A mortgage is the largest account your family will have, but at the age of 18, you may not have a mortgage. For most young people, an insurance policy that covers only personal debt and all funeral/closing expenses will be more than enough to help your loved ones recover financially.

Do you have a personal student loan?

Private student loans are one of the main reasons young people should get life insurance. Most young people do not have large mortgages, but have student loans that are much higher than the average mortgage. If tragedy strikes, your family will be responsible for paying back your student loan and other expenses. If you have a student loan or want to apply for a student loan, then it makes sense to purchase life insurance. Your insurance coverage should equal or exceed your student loan amount.

Should you invest in life insurance right now?

Another factor to consider is how your current life insurance costs would compare against future costs. While you may not need life insurance now, you will definitely need it in a few years. Why not buy one of these plans now? If you were to buy life insurance as an 18-year-old, it would be much cheaper than waiting 30-40 years (since the younger you are, the lower risk you present and the lower your premiums will be).

If you are over 18 and are looking for life insurance, or are the parents of young people seeking insurance, there are many options to consider:

1. The most popular option is to add a child. The Life Rider clause in the parent's life insurance provides approximately $10,000 in coverage for plans that you or your parents already have.

2. Another option is whole life insurance (which, as you can tell from the name, lasts a lifetime). At the young, low-health-risk age of 18, you can get comprehensive life insurance for approximately $150 per year.

3. The last option is to purchase term life insurance. 30-year insurance term plans are a great way to get the insurance you want at an affordable price. Term life insurance is fast becoming the cheapest way to obtain life insurance.

Saying that you don't need life insurance when you are young can be a costly mistake. No one wants to think about death, but life insurance is the best way to ensure that your loved ones have one less problem to worry about if the time comes. For more information, tips, and tools, visit iLifeInsurance.net and compare life insurance policies for 18 year olds available in the market today.