Should I Buy Life Insurance at a Young Age?

No one ever said growing up would be easy, but with life insurance you can rest easy knowing you and your loved ones are taken care of financially.

With all the talk of life insurance, you might be wondering if you buy life insurance at a young age. No matter your age, status, or health, the benefits of life insurance are always present. If you have a family, you want to make sure they’re taken care of should something happen to you. And if you’re young and single with no dependents, getting life insurance now could save you a lot of trouble (and money) down the road.

No one likes thinking about their own mortality, but it’s important to be prepared for the worst. Many youngsters falsely believe that life insurance policies are pricier than they actually are. You may be astonished at some of the advantages of investing in one while you’re still young.

Reasons Not to Delay Getting Life Insurance at a Young Age

It’s only natural to want to live a long and healthy life, but that doesn’t mean bad things can’t happen when we’re young. Choosing a life insurance policy now can help you regardless of how many years you have left.

A picture of a young couple happy. Being a couple is a great reason to get life insurance at a young age.

Save money by locking in your premium rates.

Your insurance rates will go up as you age and your health declines. If you’re in your mid-twenties or thirties, the same insurance plan you purchase today could cost three times as much by the time you turn fifty.

You may be able to secure the same lower rates over your lifetime if you pay premiums on time and adhere to policy terms.

You can change your policy at any time.

Although you may feel invested in one life insurance policy, know that you’re not locked into it forever. Term policies only cover a set amount of time while whole life insurance covers the duration of your lifetime; however, several options exist between those two extremes.

Depending on other yearly conditions such as income, the policy best for you now could be different in just a few years down the road.

Know that you're covered no matter your job situation.

While many employers still offer life insurance in addition to health insurance, the practice is becoming less common than in the past. Even if your employer does provide you with life insurance coverage, it may be insufficient. You may want to supplement it with an additional plan.

Furthermore, many young people are becoming more comfortable with purchasing life insurance through a separate entity, even when offered by an employer to ensure continued coverage when employment changes.

Don’t leave your family to pay off your debts.

If you are single with no dependents, you may be wondering why you need life insurance. However, many plans help pay for costly funeral expenses as well as any debts left behind after death. Some loans – such as federal student loans – can be discharged upon the borrower’s death, but others may simply transfer to a parent or cosigner. Worse yet, some lenders require that the entire loan balance be paid immediately if the borrower dies.

Do you have any debt?

At any age, being responsible for paying bills can be daunting. If you have student loans or credit card debt, life insurance can help your loved ones pay off those debts should you pass away.

Paying bills at a young age

Do you want to leave a financial legacy?

If you want to leave money to your loved ones, charities, or other causes, life insurance can help you do that. If it is affordable to you some limited pay whole policies could be a good solution for you. The policy not only gives you the benefit of building cash value that you can access while alive, but it will also leave a death benefit for your loved ones when you die. Even better, the policy will be paid off in 10-20 years and continues with you after that point.

The Perfect Policy for You.

Even if you feel like nothing can touch you, it’s always best to plan for the future. Based on your current salary, plans, and dependents, there is a life insurance policy out there that suits your needs perfectly. If you’re not sure whether or not you need life insurance yet, meeting with an agent will help clear things up and allow you to make a decision with all of the information available to you.

We want to help you, so please give us a call today. We’ll review your options and find the most affordable rates for our customers. It’s always possible that new options are available on the market that would work better for you, so we’re happy to review an existing policy. Don’t hesitate to contact us — we are here for you.

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