New York Estate Planning & Elder Law Blog
The simple truth is that everyone dies. It is also true that many young people try to avoid this fact, which frequently means that they delay engaging in estate planning. Not only do many young people fail to engage in estate planning, however, statistics compiled by Budget Insurance reveal that 82% of young individuals are not aware of the purpose behind life insurance. As people age, it is absolutely critical to understand not just the purpose of estate planning but also understand what the individual elements of estate planning include. One of the most commonly misunderstood or not appreciated is life insurance, but is particularly important for all people including younger individuals.
Why Young Individuals Need Life Insurance
The reason why life insurance exists is to protect your family’s finances in case the primary supporter of the family dies. As a result, for young individuals who are beginning to create families, life insurance still plays an important role. Statistics compiled by Pew Research reveal that a large number of households in the United States depend on either both or one spouse to survive, which means that life insurance has the potential to play a very important role.
Life Insurance Is More Cost Effective Than Ever
Even if a young person understands the concept of life insurance, one of the other common concerns raised about this type of insurance is that it is prohibitively expensive. In reality, if life insurance is purchased while a person is young, it is often still very affordable. Also for the vast majority of young individuals, all that is required is a simple life insurance policy. Not to mention, life insurance can avoid the numerous hardships that can be created if a person unexpectedly dies. For example, if an individual passes away at a younger age, life insurance can help to pay for a spouse who acted as a cosigner on a loan.
How New Companies Are Entering the Life Insurance Market
As the number of young adults needing life insurance increases, a number of companies have been created to facilitate the purchase of life insurance. A large number of these companies make life insurance available either online or through smart phone based apps which make the process of obtaining life insurance remarkably easy and effective. This type of electronic service has been determined in numerous studies to be the type of interaction that most millennials prefer. Some of the most popular companies currently offering life insurance include Ethos, Haven Life, and Policy Genius. It is likely that more companies will emerge in this space to offer services to millennials who decide that life insurance is the best choice for them but want to obtain the insurance in the easiest way possible.
Speak with an Estate Planning Lawyer
If you have questions or concerns about estate planning, one of the best first steps that you can take is to obtain the assistance of an experienced attorney. Contact Ettinger Law Firm to schedule a free initial consultation. We have a countless number of people navigate complex estate planning issues including those involving life insurance.