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When should I take out life insurance? See what the experts say.



Each year, your potential life insurance premium increases by about nine percent, according to Investopedia. Have you ever considered getting a policy when you are young? It’s actually the best time to invest in whole life or term life insurance for better rates and more peace of mind.

Still wondering, “When should I get life insurance?” Read on to learn the benefits you can get from getting a policy early.

  1. The cost is the lowest it will be. Some of the more significant factors in determining your life insurance rate are age and health. As we age, our health can begin to decline and coverage becomes harder to find or more expensive. Starting a life insurance plan in your teens or twenties (or even earlier) when you̵
    7;re at one of your healthiest points will lock in a more affordable rate.
  2. Those around you protect that, even those you don’t suspect. Even when you’re young, there are many people who depend on you, from your parents and siblings to a cosigner on a loan. A simple and cost-effective life insurance plan can help these people with unexpected expenses in the event of your passing.
  3. It helps to plan for life events. As much as people would like to guess, we don’t know what our future looks like. Maybe marriage and children are in the plan, or maybe buying a house or starting a business. Early life insurance will grow with you through all these changes, providing peace of mind and leaving a legacy for each person you support or who will help manage your estate. With college, marriage, children, home purchases, career changes and more on the table early in life, consider a life insurance plan now to see you through it all.
  4. It grows your portfolio. There are many financial benefits to getting life insurance when you are young. Building assets are one of them. Not only does life insurance help build your credit, but whole life insurance can actually increase your net worth. The financial benefits make life insurance an even smarter move when you’re young and starting to accumulate wealth and grow your assets.

Never ask, “When should I get life insurance?” again. Prepare instead for a smarter future. Read more about the benefits of early life insurance in our blog, Life Insurance 101, or by visiting lifehappens.org. Then talk to a local, independent agent to sign up for the life insurance coverage that’s right for you.

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