Life insurance provides a lump-sum payment in the event of your death. The payment goes to the people you name as beneficiaries in your policy, typically family members.
I’m young. And healthy. Why do I need life insurance?
The reality is, young people die every day. Life insurance helps ensure your loved ones aren’t hurt financially by any debt you leave behind. The money can help them pay:
- Funeral costs
- Student loan debt
- Car loans
- Credit card debt
- Bills and household expenses
Any other reasons?
Yes. Once you begin your career, life insurance helps replace the income you would have earned. If you’re married, the money can help your spouse:
- Save toward retirement
- Pay off the home mortgage
- Provide for your children
- Fund college when the children are older
Is life insurance expensive?
Term life insurance can be surprisingly affordable. The cost is likely to be lower when you’re younger. For example, a healthy, non-smoking 30-year-old could get $250,000 of coverage for less than $15 a month.*
*Source: “2016 Insurance Barometer Study” by LL Global, Inc. and Life Happens.
This content was developed in cooperation with Great-West Financial® AM133185.