Most millennials are waiting longer to get married and have kids, but if you are one of the exceptions, you very likely want to look into life insurance.This is particularly important if your spouse is a stay-at-home-parent and is dependent on your income to survive. But, even if you arenât married with kids, there are other ways that not having life insurance could affect your family.
Today, more than 44 million Americans have student loan debt, with the average amount hovering around $33,000. Generally, if you have federal student loans and die unexpectedly, the loan is canceled and the debt is discharged. Unfortunately, this isnât the case with private student loans. Depending on your student loan policy, if something were to happen to you and you pass away, your debt could fall to your spouse or your parents. And this doesnât just apply to student loans.
If you and your spouse recently bought a car, signed a new lease on a pricy apartment, or racked up a bunch of credit card debt, and something happened to you, you should consider whether they would be able to shoulder these debts on their own. Having a life insurance policy could prevent these unfortunate scenarios from playing out.