Plan for your future: Buy life insurance as a young adult

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In this economy, the majority of young adults are struggling to manage huge monthly expenses, ranging from car loans, student loans, rent, mortgage loans, to ordinary living expenses. This is because the living standards have really gone up, and will likely keep rising in the following years. Given this scenario, shouldn’t you, as a young adult be securing your financial future as early as possible?


Considering how high expenses like student loans and mortgage loans are at the moment, wouldn’t it be way more expensive when you start paying school fees for their children? Or when your children’s hospital bills and other higher living expenses start flowing in? That being said, our advice is that as a young adult, you should start planning your future by prioritizing life insurance.

We advice on life insurance because this is one sure method of providing your family with protection for their financial future. Because as much as you are spending time at work or at your business trying to earn a living for your family, it is critical that you plan ahead for the protection of what you have really worked for- in case unexpected events happen to you and you are no longer able to provide for your family.

Take the example of an ordinary Kenyan, middle class, single-income household. Where only one spouse or partner provides for the family financially. If anything unfortunate happened to this financial provider and they stopped providing for the family, say in case of sudden death. Life insurance would come in handy because the death benefits it provides would cover the financial provider’s income for a while as his/her family gets back on their feet. The family would not be left destitute, not knowing where to start.

So why should you, as a young adult buy life insurance, as opposed to waiting until you’re in your older years? Because, as we said earlier, living standards are rising. So is the economy. This implies that life insurance in the future will rise to match these high living standards. Simply put, planning earlier gives you the chance to buy what may be too expensive to obtain in the far future.

As long as we live, we all have life insurance needs. With the help of our knowledgeable life insurance specialists, Madison Insurance can help you set up the best plan that will suit yours or your family’s needs. It could be a level term life plan or a whole life plan


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