1. Loan Debt
Most bank loans aren’t forgiven in the event of a death so if anyone co-signed your student, car or other bank loans they would be responsible for paying it off should anything happen to you.
2. Sharing a House or Apartment
Getting life insurance is very important if you’re living with a roommate because they are relying on you to help pay bills and rent. If you were to die prematurely your roommate would take on the financial burden if you weren’t covered by life insurance.
3. Protecting a Future family
Getting life insurance now, while you’re young and single will help protect your future husband and children.
4. Lock in Low Rates
Age and health are two major factors in determining life insurance rates. Being young and healthy you’ll be able to lock in the lowest possible rates now.
5. Familial Responsibilities
If a family member is sick, has special-needs, needs to be cared for as they age, etc… and you are helping support them financially then life insurance can provide money to help care for your family should anything happen to you.
6. Funeral Expenses
In the event of your untimely death you wouldn’t want to leave your parents, partner and other family members to both grieve and worry about the costs of the funeral.