The Value of Life Insurance for Young Families

Young families are often tasked with juggling different financial priorities — and in doing so, they can overlook the importance of life insurance. However, unpredictable events can quickly highlight the value of life insurance for young families.

Let’s explore why life insurance for young families should be considered an essential part of their financial planning.

The Stormy Reality

WoodmenLife member Iesha Kelley, a 33-year-old single mother from Mayfield, KY, never gave serious thought to her life insurance situation — until a devastating tornado outbreak changed her perspective.

After conversations with her Sales Representative Ashley Wyatt, she knew she needed to get life insurance to help protect her family’s financial future.

What Young Families Need to Know

• Natural disasters, accidents and other tragedies can strike at any time
• With only one income stream, single parents face unique financial vulnerabilities
• Life insurance isn’t just for older adults

Reasons to Buy Life Insurance

1. Protection for Your Children

For young families, life insurance provides a safety net. It helps provide financial security for children and other dependents if the worst were to happen.

2. Affordable Premiums

Life insurance can be affordable for young adults. The younger — and healthier — you are when you purchase a life insurance policy, the lower your premiums will be.

3. Expenses

Many young families carry debt, including mortgages, student loans or credit card balances. Life insurance can help cover these debts, preventing them from becoming a burden on surviving family members.

4. Peace of Mind

Knowing that you’re helping protect your family’s financial future can provide peace of mind, allowing you to focus on living your life to the fullest.

Common Misconceptions About Life Insurance

Young families often hesitate to purchase life insurance.

According to LIMRA, the No. 1 reason consumers give for not buying life insurance is that they think it’s too expensive.

The LIMRA study shows about 72% of Americans overestimate the true cost of a basic term life insurance policy. In fact, younger Americans are likely to think it’s three times the actual cost.

In reality, life insurance premiums can be quite affordable, especially for young, healthy individuals. Depending on the coverage you choose, your monthly payment may be even less than what you pay for streaming services.

Taking the First Step

If you can relate to Iesha’s story, consider taking action:

• Talk to a trusted financial professional
• Assess your family’s financial needs
• Research different types of life insurance policies
• Choose a policy that fits your budget and needs

Remember, the best time to consider life insurance is when you’re young, healthy and have a growing family to protect. Don’t wait for a tragic event to highlight the importance of life insurance for young families. Take the steps today to protect your family’s tomorrow.

This post provides general insurance product information. It does not contain information specific to WoodmenLife products. If you are looking for information specific to a WoodmenLife product or your existing WoodmenLife policy, please contact your local Representative.

Read More

Life Insurance Protection a Key Need for Young People

For Millennials, Life Insurance Is Key to Planning for the Future

Life Insurance for New Parents

WEB818