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Responsible Adulting and Life Insurance

Getting through the teen years, graduating from school and finally getting out on your own is a huge accomplishment. Congratulations! This is an exciting life stage as you start to map out your future and make new goals. 

For better or worse, part of being an adult means understanding that the financial decisions you make now will have a lasting impact. Most young people may not be thinking about life insurance, now is the perfect time to consider what would happen to your loved ones if the unthinkable happened and you suffered an untimely death. September is Life Insurance Awareness Month, and an important reminder to look into the why and how of life insurance.  

Protecting loved ones from your debt

You may think any debt you have will die with you, however that is not always the case.  If someone, like a parent or a spouse, is a joint credit card holder, they will be responsible for any credit card debt you have, regardless if they made the purchases or not.1

Additionally, your spouse could be held responsible for your debt, even if they aren’t co-signers. This law applies to those who live in a community property state which includes Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.2

In the event of your death, it’s important to know who would be responsible for student loan debt. In actuality, it’s not an easy question to answer because it depends on the type of student loan you have.

-                Federal loan debts are erased if you die before they’re paid off. 

-                Private student loan lenders have different policies, so be sure to check on yours to fully understand whom, if anyone, could be held responsible. 

-                Even if a student loan is totally forgiven, there could still be tax implications.2

Protecting loved ones from your final expenses

You probably haven’t thought about it, because it’s not something most people enjoy planning for, but death comes with expenses, including:

·       Basic funeral home service fees

·       Transportation of remains

·       Embalming/body preparation

·       Funeral /viewing facilities

·       Service car

·       Cremation

·       Casket

·       Urn/burial vault

The average funeral can cost anywhere from $6260-$8755 or even more, depending on the types of service and where you live. This estimate does not include the cost of a reception afterwards, which is a common custom following a funeral. 

 A life insurance policy could help your loved ones pay for these final expenses and spare them the stress of worrying about related costs so they can focus on grieving.

Protecting your current or future family

If you have children, a partner or and/or a spouse who depends on your income to maintain their home and quality of life, having enough life insurance is essential. Check your policy and plug your unique information into this life insurance calculator to make sure you have enough.  

If you don’t have children but plan to have them one day, buying life insurance while you’re relatively young and healthy, and before you’re pregnant, is a smart move and can allow you to lock in low rates that you wouldn’t be able to get later.

Protecting your bottom line

Most people overestimate the cost of life insurance. The good news is that on average, a healthy 30 year old can buy a 20 year, $250,000 term life insurance policy for around $13 per month.4  Whole (or permanent) life insurance costs more per month, but can serve as a savings vehicle as well. To find out what plan is best for you, contact one of our agents today-and stay safe.




1- Johnson, H. D. (n.d.). What happens to Credit Card Debt When You Die? Bankrate. Retrieved August 22, 2022, from

2- ABC News Network. (n.d.). ABC News. Retrieved August 22, 2022, from

3- News. National Funeral Directors Association (NFDA). (n.d.). Retrieved August 22, 2022, from

4- Home. Broadtower Insurance. (n.d.). Retrieved August 22, 2022, from