Regardless of your age, whether you are married or have children, the benefits of life insurance are obvious: you want to continue to support your loved ones should the unexpected happen. If you are young, healthy and single without relatives, it may be the furthest thing to get a life insurance policy. No one likes to think about their own mortality, especially in their twenties, when this reality seems to be decades away. Many young people think that life insurance is much more expensive than it actually is, and you may be surprised at some of the benefits of investing now that you are young.
Now or later: reason not to wait
Of course, we all hope to live a long and healthy life and when we are at our best age, the possibility that something will happen to us seems remote and unlikely. But choosing a life insurance policy now can benefit you considerably, no matter how many years of life lie ahead of you.
Lock in lower premiums. As you get older and your health deteriorates, insurance prices rise. If you are in your mid-twenties or thirties, the same insurance plan that you buy today can triple in price when you turn fifty. As long as you pay your premiums on time and follow the terms of your insurance, you may be able to secure the same lower rates for the rest of your life.
Have the freedom to change your policy later. There are many different options in life insurance, and buying one insurance now does not stop you from switching to another later. Forward insurances only cover you for a certain period of time, and whole life insurances are meant to continue throughout your life, and there are many options in between. Depending on your income and other factors, the policy that is most meaningful to you may now change within a few years.
Ensure coverage regardless of your employer. While many employers still offer life insurance in addition to health insurance, it is becoming less common than before. Even if your employer gives you life insurance coverage, it may not be enough. You may want to supplement it with an extra plan. In addition, many young people become more comfortable buying life insurance through a separate entity, even when offered by an employer to ensure continued coverage when the employment changes.
Do not leave your family to pay off your debts. If you do not have a spouse or relatives, it can be difficult to imagine why you would need a life insurance policy. Many plans help pay for expensive funeral expenses and also help pay off any debts in case of death. Some loans, including federal student loans, are deductible in the event of death, but others can simply be transferred to a parent or cosigner. What̵
7;s worse, some loans require that the full amount be paid immediately upon death.A policy that suits you.
Many of us feel invincible when we are young and healthy, but the reality is that it is never too early to start planning ahead. Depending on your circumstances, income and responsibilities, any of a variety of life insurance options may be the right fit for you. Even if you decide that you do not need life insurance at this point in your life, a conversation with an experienced insurance agent can help you better understand the options available to you and allow you to make an informed decision. We are happy to help. Call us today and we can discuss your options. We focus on finding the most affordable prices for our local customers and are happy to review an existing policy, as there may be new options on the market that suit you better. Call today and talk to us – we are here to help you.
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