Are you in your 20s? Are you thinking about getting life insurance, but wondering if you’re too young to have coverage?
Here are four reasons why to consider getting life insurance in your 20s:
- Does someone depend on you financially? If so, then you probably need life insurance. It can support your spouse, children or parents if something happens to you. Life insurance can help pay for rent, a mortgage, groceries, and other daily expenses. This can make a big difference in the quality of life for your loved ones. You want them to be able to sustain themselves if you can no longer provide for them.
- Do you have student loans or other debt to pay off and your parents co-signed for the loans? If so, then your parents might have to pay for these loans if you died. According to studentloanhero.com, the average 2016 graduate has $37,172 in student loan debt. You might also have a car loan, credit card debt, and other loans. A life insurance policy could pay off these loans so your parents wouldn’t have to worry about them. A policy is a good promise of future financial security.
- If you get a policy when you’re younger, the cost is much lower than if you wait. You can lock in a lower monthly premium as a younger and healthier person. The cost for a life insurance policy might be almost double for a man in his 40s compared to a man in his 20s. Also, if you wait to get life insurance and develop a health condition such as diabetes or heart disease, your cost will likely be much higher than if you got coverage when you were younger and healthier.
- Even if you are single, getting life insurance in your 20s is a way for you to start saving money. By contributing money every month, you can build up savings if you have a life insurance policy with cash value. Some policies let you take out a loan in case you need to pay off debt, pay bills, or buy a house. You could even borrow money from a policy to help pay for a wedding.
So instead of waiting to get life insurance, think about the advantages of getting coverage when you’re younger. It can really pay off and give you and your loved ones peace of mind.
We've got you covered. Call McFarlin Insurance Agency, LLP at 410-312-7800 to get a fast, free quote on an affordable life insurance policy.
Also check out these other resources:
Should Single Parents Purchase Life Insurance
5 Reasons Term Life Insurance Can Be Life-Saving