Life insurance helps you plan for the unexpected. Young people who are just starting out can often wait a while before purchasing it, but there are specific circumstances in which millennials should consider adding life insurance to their list of financial must-haves.

If anyone depends on your income, such as a child, spouse, or sibling, having life insurance is essential. Loan cosigners are often overlooked when determining who might need financial assistance in the event of your death. Keep in mind that federal student loans are discharged when you die, but private loans often are not, leaving your cosigner—usually a parent or spouse—on the hook for those payments.

Life insurance can also be important for those who have joined or created a small business. You can have the assurance that your business will be able to survive any financial setbacks due to the untimely loss of a key employee.

Ultimately, one of the best reasons to obtain life insurance sooner rather than later is cost. If you get life insurance while you’re young and healthy, you’ll be able to lock in a low rate for the duration of the policy.

Think of life insurance as one piece of your overall financial plan. Consider speaking with a financial consultant to help guide you through every step of saving and planning for your future.

The information mentioned in this article is for informational purposes only, is intended to provide general guidance and does not constitute legal or tax advice. Each person’s situation is unique and may materially differ from the information provided herein. You should seek the advice of a financial professional, tax consultant and/or legal counsel to address your specific needs before any financial or other commitments regarding the issues related to your situation are made. Banco Popular North America does not make any representations or warranties as to the content contained herein and disclaims any and all liability resulting from any use of or reliance on such content.