Making a Case for Buying Life Insurance Young
August 20, 2021
What age should you think about life insurance? In an ideal situation, you would begin to think about getting Life Insurance at a younger age than you might expect. As soon as you begin your career, and especially if you have others such as a spouse or a family member who are dependent on you financially, getting life insurance could be beneficial. Even if you think you have plenty of time before you’ll require a life insurance policy, there are several important reasons to consider purchasing this key insurance young.
It Provides an Essential Safety Net Just in Case
One of the top reasons to get life insurance in your 20s or 30s is that it can provide a critical safety net and significant everyday peace of mind. If you have a spouse or others in your life who depend partly or entirely on you financially, it’s even more important to secure life insurance quickly. Having the right policy in place could help:
- Pay off your outstanding debts or pay off beneficiaries’ debts, including credit card debt, student loans and mortgages
- Offer a form of income to a spouse or other beneficiary left after your passing
- Provide you with additional peace of mind and financial security
It May Be More Affordable When Purchased at a Young Age
Perhaps surprisingly, the earlier you shop for life insurance, the better the rates you may be able to lock in. If you wait until you get older to purchase life insurance, you may have more health concerns or require a larger policy and may have to pay higher premiums. On the other hand, buying life insurance when young could provide:
- Lower premiums due to longer insurance terms or fewer health problems
- More options available for longer-term insurance plans
- Financial benefits to complement your future retirement plans
You Can Consider Different Life Insurance Options
Finally, the earlier you start looking for a life insurance policy, the more time you have to check out all the available options rather than rushing into a decision. A couple of the most common types of life insurance encompass:
- Term life insurance, which allows you to purchase shorter-term insurance that may provide coverage for between 10 and 30 years
- Whole life insurance, which can provide you life insurance coverage until death
Even if you’re still in your 20s or 30s, you could still benefit from purchasing a Life Insurance policy early. When you secure life insurance at a young age, you can help provide yourself and your beneficiaries with a safety net and even save some money in the long run. Now that you know about the top reasons to buy life insurance young, you can consider whether it would be the right move for you.
About 1891 Financial Life
At1891 Financial Life, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance organization, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.