![]() ![]() The younger and healthier you are, the lower your insurance premiums. Children or young adults who want to lock in low rates. ![]() Young adults without dependents rarely need life insurance, but if a parent will be on the hook for a child’s debt after their death, the child may want to carry enough life insurance to pay off that debt. Young adults whose parents incurred private student loan debt or cosigned a loan for them.Life insurance can help reimburse the adult child’s costs when the parent passes away. This help may also include direct financial support. Many adult children sacrifice time at work to care for an elderly parent who needs help. Seniors who want to leave money to adult children who provide their care.One example would be an engaged couple who take out a joint mortgage to buy their first house. Married or not, if the death of one adult would mean that the other could no longer afford loan payments, upkeep, and taxes on the property, life insurance may be a good idea. The death benefit can be used to fund a special needs trust that a fiduciary will manage for the adult child’s benefit. For children who require lifelong care and will never be self-sufficient, life insurance can make sure their needs will be met after their parents pass away. Parents with special-needs adult children.Life insurance can make sure the kids will have the financial resources they need until they can support themselves. If a parent dies, the loss of their income or caregiving skills could create a financial hardship. It also has flexible premiums and can be designed with a level death benefit or an increasing death benefit. Variable universal life (VUL)insurance allows the policyholder to invest the policy’s cash value in an available separate account.Indexed universal life (IUL)is a type of universal life insurance that lets the policyholder earn a fixed or equity-indexed rate of return on the cash value component.Unlike term and whole life, the premiums can be adjusted over time and designed with a level death benefit or an increasing death benefit. Universal life features flexible premiums. Universal life (UL) insurance is a type of permanent life insurance with a cash value component that earns interest.Cash-value life insurance also allows the policyholder to use the cash value for many purposes, such as a source of loans or cash or to pay policy premiums. It accumulates a cash value in order to last the lifetime of the insured person. Whole life insurance is a type of permanent life insurance. ![]()
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