As a young 20-something, life insurance is something that likely hasn’t
crossed your mind. Life insurance can be a safety net for your loved ones
in the event that you pass away unexpectedly. It can help pay for funeral
expenses, outstanding debt and assist any surviving family members. If
you are under thirty, here are three reasons you should consider purchasing
a life insurance plan.
If you are like 68% of Americans, you will likely be married by the time
you reach 30. Many married couples choose to pool their money together
to pay for mortgages, car payments and credit card loans. Consider what
would happen if you suddenly passed away and that income was no longer
there. Would you widowed spouse lose your home? Can they afford to pay
the bills on their income alone? If they answer is no, you may want to
consider purchasing a life insurance policy.
According to Census data, over 50% of women have children by the time they
are 30 years old. Parents with young children especially should consider
purchasing life insurance because they have a child who is dependent on
their income to provide for them. If you set up a life insurance plan,
make sure you name a trustworthy beneficiary to manage the life insurance
benefit. If that is not an option, consider hiring an attorney to set
up a trust fund with specific instructions on how the fund should be distributed.
3. Cheaper Rates
Life insurance only gets more expensive as you age. Insurance adjusters
determine pricing for policies based on risk assessment. Meaning, the
younger and healthier you are, the cheaper your policy will be. As you
age past 30, the odd of your developing high blood pressure, high cholesterol
or other ailments increases significantly.
Insurance Specialists, Inc., we offer life insurance policies through Voya Life Insurance and Met
Contact us today to get a quote!