Your risk of dying at a young age is likely not high, which is why many people don’t think to purchase life insurance until their 50s or 60s, if at all. But for many people, purchasing life insurance at an earlier age is actually much more beneficial. How could this be?
Consider Your Health
Most young adults in their 20s and 30s are at the peak of their health, needing no more than routine checkups and perhaps treatment for the occasional injury. However, by the time you reach your 50s and beyond, you’re much more likely to experience more pressing health concerns. In fact, some middle-aged individuals are denied coverage because their health issues present too big of a risk to insurance providers. The best way to guarantee your ability to purchase life insurance with ease is to buy it at a young age while you’re in good health.
Get a Lower Rate
Spring-boarding off of youthful health, life insurance is often much more inexpensive when you purchase it at a younger age due to the state of your health. Locking in a lower rate by buying life insurance at a young age does mean that you’ll be making premium payments for a longer amount of time, but that longer timeframe also allows you to accrue more cash value if you own a permanent life insurance policy. This can be worthwhile as you build your life and start a family, giving you the option to withdraw money to fund major life events or accruing a higher sum to leave behind to your dependents.
Accidents Can Happen Anytime
Even at a young age, accidents and illness can happen to anyone. If you were to die at a young age, wouldn’t you want to leave behind some sort of financial legacy to take care of your loved ones during a time of great need? Life insurance benefits can be used to pay for your funeral expenses—which can quickly grow to exceed $10,000—and to pay off your outstanding debts, so this burden doesn’t fall to your family. Whether you have a spouse, child(ren), disabled family member or you just want to protect the people who have co-signed on financial documents, life insurance can provide the monetary benefits to meet a wide variety of needs after you’re gone.
Are you considering the benefits of purchasing life insurance for you and your loved ones? Call us today to learn more about available policies. Our agents are happy to help you find the best solution that combines both your budget and needs.