whole life insurance

Being a young adult heading into law school can be scary. There’s a lot at stake and sometimes the uncertainties that come with life in law school can be overwhelming. But the way that I have found to alleviate some of the stress and some of this uncertainty that I’m feeling has come from an unlikely source: an insurance agent.

When I first walked into my agent’s office I had no clear idea of what my life would unfold with, while in school I could start a family, I could come across a business opportunity that will require large amounts of debt on my part, and above all I always will need to keep the co-signer of my student loans in mind too! All of these scenarios required me to look forward and find ways that I can cover my debts if anything were to happen to me.

The chances of starting a family in law school are extremely high, and ties into the famous line they give you when you sit down at just about any law school during Incoming Law Student Orientation, “Look to your left and then look to your right, one will be married and the other will drop out of school from each group of three, choose which student you want to be”. This sentiment shows that while in Law School the world will continue to keep turning and life events will occur, so you have to always find ways to keep everything together no matter what.

When starting young family I wouldn’t want to let my future spouse or children be at the mercy of the world without my financial help if something were to happen to me, and what about my debts? I really do not want 3+ years of secondary education costs to be their problem! So to ensure that this problem will never become real I decided to open up a term life insurance policy.

Term Life Policies are a bit different than a Permanent Life Policy in where it only lasts for a period of time versus indefinitely (As long as you continue to pay premiums). I chose the Term Life policy for 10 years because by then I should be grounded in my profession and I will be able to switch over to a Permanent Policy that will cost a bit more to have— but will be worth it at that time. Due to my current age and my health I was able to secure a price that was the cost of just a couple of coffees per month, not too shabby for ensuring my future!

There is also the scenario that my death occurs before me starting a family, so with this being said I want to be able to cover my student loans, credit card debt, and my funeral costs so I do not burden those who are close to me.

A burial can be a very costly event and even a cremation will cost over $1,000+! Did you know that if someone (Family or not) pays for your cremation or burial out of his or her own pocket it is not tax-deductible by the IRS? That would just be a kick in the teeth to any family member if they were stuck with thousands of dollars of debt on top of coping with my death!

No one wants to walk into an insurance office and talk about the elephant that sits in just about everyone’s room: Death. But it is a necessity for every personto converse about it and prepare for it in the best way possible. Just like any other aspect in life you must always stay one step ahead just as I did. Death doesn’t follow a schedule and can come at anytime, so beat it to the punch with a solid life insurance policy!

By Aaron Young