Everyone has a budget in mind for how much they want to spend in life but not many plan to budget for a life insurance plan. Follow this quick guide to start your search for the best life insurance for young adults that fits your budget!

It is a great idea to get life insurance to secure your children’s futures but it can get a little complicated when your children are not of age. Depending on the state, your child may need to be at least 18 or even 21 to receive the death benefit payment. 

A life insurance beneficiary is the person that would receive a life insurance policy’s payout (death benefit) in the event of a policy holder’s death. The beneficiary protected by that policy holder will then have the funds to help cover any financial obligations such as the policy holder’s burial costs and any other final expenses. With the remainder of the death benefit the life insurance beneficiary can cover their own expenses such as school expenses or a mortgage.

If you have anyone that is financially dependent on you the answer is yes. If you have just bought a new home and share the mortgage with a spouse or partner, for example, if you were to pass away your spouse may have difficulty paying the mortgage on their own. 

Term life insurance is a form of life insurance that covers you for a certain amount of time. Most term life insurance policies can cover you for 10,15, 20 or even 30 years. During this time if you were to pass away, your term life insurance would payout to your beneficiaries.