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The only surety in life is death. It's not just a morbid catchphrase—it's the hard truth. There's nothing that you can do to truly prepare for the loss of a loved one. It's even harder to make sure that your loved ones will be okay if they lose you.

Death is scary on so many fronts. You aren't just dealing with the loss of a person—which is hard enough in and of itself. But you also have to deal with losing that person's financial support. As a young parent, you feel a level of love for your child that you never knew was possible. You can't imagine life without your child, right? What about your life's child without you? Continue reading to see why young parents need life insurance.

Misfortune Doesn't Discriminate

The most horrible assaults on life have no respect for youth. When you're in your twenties and thirties, you should still have your whole life ahead of you. Unfortunately, that's not always the case.

Life expectancy may be at an all-time high, but young people still die regularly. Auto accidents, violent crime, cancer, and heart disease are among the leading killers of people between the ages of 15 and 24. There's no reason to hit the panic button, but there's no reason to leave your young family financially handicapped if you pass at a young age.

It's Better To Get Life Insurance While You're Young

Insurance is always based on the risk that something will happen. The less likely car insurance companies feel like you are to wreck your car, the lower your insurance will be and vice versa. Life insurance works off that same principle. To find the best life insurance policy, you'll have to shop around.

A great thing about being a younger adult is that you're still expected to live for another 40 or 50 years. From a risk wagering standpoint, you look like gold to a life insurance company. You'll be able to much better life insurance rates now while you're in your twenties then 10 or 20 years from now. Find the best life insurance with iSelect and protect your family in case the worst happens.

How To Shop For Life Insurance

Shopping for life insurance is like searching for any other type of insurance. There are several routes you can go, but it's important that you put in some legwork before picking a company or a policy.

There are several types of insurance to choose from—term life, whole life, and universal life insurance. The term life insurance policy is more ideal for young people than others. They're more affordable and easier to understand than the other types. They're called term policies because when you purchase the life insurance, you set how long the term of the insurance is.

Whole life insurance is permanent, but it's much more costly than term policies. Universal policies are cheaper like term policies but can be permanent like whole plans. Their value fluctuates with the market, so don't choose a universal policy unless you're trade savvy.

Life Insurance Is An Asset

Did you know that a life insurance policy is an asset? It's not a liquid asset that you can go and make purchases with, but it's valuable nonetheless. If you find yourself in a financial bind and in severe need of money, you can sell your life insurance policy for an adjusted sum. When you sell the policy, the company that buys it takes over the payments on the premium, and they'll be the beneficiary when you pass away.

Life insurance isn't something that anyone wants to think about—especially when they're young. But getting life insurance now could save your parents, spouse, and children from financial ruin if you should pass young. It's just part of adulting.

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