7 reasons you may need life insurance, even if you think you don’t – Get our quote in 2 minutes

Most people don't think about life insurance around the age of 20, but it's often the best time to buy it. There are several factors that determine the cost of life insurance, but in general, the younger and healthier you are when you buy a policy, the cheaper it will be (unless you work in a high risk job or have a weak for extreme sports, but we'll talk about that later). An average non-smoker of 20 or 30 something can expect to pay between $ 10 and $ 50 a month for a lifetime term policy depending on the amount of coverage, according to Policygenius. This is less than the cost of a gym membership to protect your family's financial stability in your absence. If you don't have life insurance, here are six reasons you probably need it: 1. If you are planning to have a baby in the next year or so, now is a great time to buy insurance. about life. First, most people's health decreases with age. The longer you wait to purchase a policy, the higher the final cost. Secondly, if you are moving from two incomes to one – that is, a parent will leave a stable paycheck to stay home indefinitely – there are even greater reasons for creating a financial safety net before having children. and you are the head of the family, you can buy life insurance, although you will probably get the best rates if you undergo a medical examination before or after pregnancy, according to the insurance expert Policygenius Logan Sachon. you are already carrying a child and the need for life insurance seems urgent, some insurance companies will allow you to repeat the medical examination one or two years after giving birth and therefore adjust your rate accordingly. If you get married if your future spouse relies on your income to live the lifestyle you share, it is a good idea to get life insurance, regardless of whether they bring their own salary or not, have an insurance policy on life ensures they can maintain a similar standard of living if you die prematurely. Support Senior Parents Financially The general rule of thumb is that if someone else relies on your income to live, then you probably need life insurance. Most people think they are protecting a spouse or children, but according to a 2018 AARP Public Policy Institute report, approximately 6.2 million millennials and counting act as caregivers for a parent, father-in-law or not no. If you help your elderly parents or plan a day, a life insurance policy ensures that they stay with some money for long-term care or personal expenses if it is no longer possible to provide for them. Policygenius can help you compare life insurance policies to find the right coverage for you, at the right price »4. You Have Debts When deciding on a coverage amount for a life insurance policy, financial experts recommend including the total debt amounts to make sure that anyone who receives the money in the event of death has enough to pay off all outstanding balances. The biggest debt for most Americans is a mortgage, but you should also consider your student loans if you have them. Federal student loans are forgiven for death, but private loans may not be. If you have a co-signer for your private student loans or live in a community-owned state, you may want to consider a life insurance policy. You are a self-employed Life insurance can be incredibly beneficial if you are a small business owner, reports Anna Baluch for Business Insider. If you set up a "Key Person" or "Purchase Agreement" life insurance policy, your employees or key stakeholders will still be paid in your absence. You can also use a life insurance policy as collateral to secure a small business loan, Melbourne O & # 39; Banion, CEO of Bestow, an online term life insurance company, told Baluch. Basically, the death benefit on your policy will repay the entire loan in the event of your death, and therefore the residual amount will be paid to your beneficiaries. 6. You have a high risk job Life insurance companies will always take your occupation into consideration when assessing your level of risk. Put simply, if you work in a dangerous or high-risk environment, you have a better chance of dying than someone who sits at a desk all day. Jobs in aviation, construction, firefighting, mines, oil and natural gas, and some others will almost always result in a higher premium, according to Policygenius. However, the high risk alone makes the policy worthy of being. Most life insurance policies will not allow people in high-risk industries to add a disability pilot, so Policygenius recommends purchasing a separate short-term disability insurance to protect against temporary loss of income in the event of an accident on the work or elsewhere. You have extreme hobbies If you are a thrill looking for extreme sports, you will probably be considered high risk by a life insurance company. But it is similar to having a high risk job: you will pay more to be insured, but the cost is worth it considering the probability that you will die from unnatural causes. If you have an extreme hobby, such as rock climbing, scuba diving, scuba diving or something just as exciting: it's best not to lie about your life insurance application, explains Policygenius. If you die within the first two years your policy is active and you have not disclosed your regular high-risk business, the insurance company has the right to reduce the death benefit or cancel it altogether. Typically you will see a higher base premium or an additional annual commission calculated as a percentage of the coverage amount. Each insurance company assesses the hobby risk differently, so it's a good idea to make a comparison if that's your case. Policygenius can help you compare life insurance policies to find the right coverage for you, at the right price »