Health care

Why Buying Life Insurance is a Must, Even If You’re Young and Healthy

2 Mins read

  More and more, people are seeing the value of carrying a quality life insurance policy. To that end, in comparison to 2010, 2016 saw almost 5 million more households protected with a life insurance policy. Life insurance is common among people who are getting on in age, but among young people, it seems to be on their priority back burner if anywhere at all. That trend is troubling. Young people can benefit from buying life insurance the same way older people can. As a matter of fact, getting life insurance young is advantageous to you in comparison to taking it on later in life. Below, our team has put together a few reasons why buying life insurance young is a good idea and why we think you should pick up a policy.

1. The Younger You Are, the Less Your Policy Costs

When buying life insurance, insurers will look at your age and weigh your policy premiums accordingly. In most cases, given that you’re starting to pay into your life insurance plan early, your premiums will be much lower per month. That means you’re getting comprehensive protection for less money.

2. You’ll Start Your Family off Right

If you’re in your early to mid 20’s starting a family could be just a few years away. With that comes things like having kids, purchasing property, and more. To make sure that your family is financially secure and that your partner is still able to pay off your loans if you were to have an accident, getting life insurance is a must. Also, if you make more money than your partner, having life insurance ensures that your family will still be able to pay for necessities like food, clothing, school supplies, and other daily essentials.

3. Your Loved Ones Won’t Have to Worry About Your Debt

Did your parents co-sign on your student loans or any others? If that’s the case, if you passed away, that debt will be their burden to bare. Getting a quality life insurance policy when you’re young means that you’re not leaving any of your financial responsibility to weigh down the people you love when you’re gone. This also applies to not burdening your loves ones while you are alive. For example, those that become terminally ill are almost certain to utilize their life insurance policies in the end. However, this can also lead to mounting healthcare debt while you are still alive. This is why there are viatical settlement arrangements that allow you to sell your policy to a buyer at a discount so that you can utilize some of that money when there is an immediate need.

4. You’re Still Healthy

It’s in an insurance company’s best interest to provide life insurance to those that are least likely to cash in on it. That means, if you’re healthy, you can get great term life insurance quotes. If you’re older and dealing with common medical issues, getting an affordable policy can be much harder. For that reason, there’s no better time to get your insurance policy than the present!

Wrapping Up Why Buying Life Insurance is Important When You’re Young and Healthy

We get it, you’re young, life is good, so why should you be worried about buying life insurance? To answer that question we recommend you take to heart any one of our reasons above. Remember, nobody feels like they need insurance until they need insurance. Make sure you and your family are prepared for the worst and start shopping for your policy today!

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