If you’re young, you may not be thinking you need life insurance yet, but life insurance isn’t something only for your parents or grandparents.
Even if you have a free life insurance policy through your employer, you may not have as much coverage as you need.
There are many great reasons to buy life insurance – and a lot of those great reasons are even better reasons for young people.
So, read on for a little illumination about why you are not too young for life insurance. If you have dependents, life insurance is a must.
Take a moment and think about who depends on you and your income for their well-being. You may be surprised. Most of us think immediately of children, but dependents can include your parents, siblings, a relative with a disability, or even a significant other. A solid life insurance policy can protect the people that count on you.
What would they do without your financial help? A life insurance policy can ensure they are protected if something were to happen to you. A life insurance policy with Living Benefits and pay you while you’re still alive if you survive a critical illness or injury and help protect your financial future any money you’ve saved for retirement.
The older you get, the more life insurance costs. From a simple, cost/benefit perspective, the best time to buy life insurance is when you are young. That’s when it’s the most affordable. As you age (i.e., become more likely to suffer from accident or illness), the cost of the policy will most likely go up. So buying a life insurance policy while you’re young may save you money over the long term.
Getting life insurance through your employer is a great benefit (you should take advantage of it if it’s free). However, your employer-provided life insurance may be problematic. It might not provide as much coverage as you really need and many times you can’t take it with you if you change jobs. That may be a challenge if you are moving from company to company as you climb the career ladder. Even dual-income couples with no dependents should consider purchasing individual policies. Keep in mind that if one of you passed away, could the other afford to maintain your current lifestyle on a single income? Those “what if?” scenarios may be uncomfortable, but they are the best way to determine how much life insurance you need.
You’re never too young to think about your legacy. It’s not too soon! Did you know a life insurance policy can provide a lump sum to an organization you select, not just to a family member or other beneficiary? A life insurance policy can allow you to leave a meaningful legacy for the people or causes you care about. When it comes to buying life insurance, generally the younger you are when you start your policy, the better off you’re going to be.