If you’re a young adult, chances are life insurance isn’t one of your primary concerns – but you might want to make it one. Across the board, younger Americans in their 20s and 30s don’t pay as much attention to life insurance as those in their 40s or older.
There are many reasons for this divide. Despite them, younger adults could benefit from having a life insurance policy now, and they might not even realize it. In this blog, we’ll go over a few different ways having life insurance can benefit adults in their 20s and 30s.
1. You’ll Lock in a Good Rate
The later in life people wait to purchase life insurance, the more expensive premiums can get. When purchasing a $500,000 term life insurance policy, a healthy individual at 28 years old could be paying a premium of just over $200. If they wait until they’re 38 to purchase, that premium might jump to nearly $250.
This means it’s possible to pay less in total by taking out a policy early on in someone’s adulthood. Doing so at an affordable rate can ensure the financial future of their immediate family, which can future spouses and children.
2. You’re More Likely to Be Accepted for Coverage
One of the problems a lot of older Americans face is finding a life insurance carrier willing to offer a policy (and one at an affordable rate). Life happens as time goes on, and people can begin developing conditions such as Type 2 diabetes, hypertension, high cholesterol, or similar conditions that can jack up premiums or cause a denial of insurance.
Young people aren’t all without conditions such as these, but the point is that they are unlikely to have them, or they may not be considered as seriously due to someone’s age. Importantly, a young person who hasn’t developed risk factors can purchase a great life insurance policy at an affordable rate and keep it all even if they develop some of the aforementioned conditions while their policy remains active.
3. You Can Protect Your Family from Your Debt
Many people in their 20s and 30s have student loan obligations. When it comes to credit card bills and mortgages, debt just adds up. If a younger person passes away with debt, their creditors can go after their estate, which can potentially leave little or nothing for their spouse and children to inherit.
It doesn’t have to be like that with life insurance. By purchasing a policy, a younger adult can feel more confident that their loved ones won’t have to suffer because of a decedent’s debt obligations.
Do You Have Questions About Life Insurance?
Life insurance can be a complicated topic to discuss, but it doesn’t have to be daunting. With a specialist guiding you through your options, you can learn more about the benefits of life insurance that you may not have anticipated.
To learn more, contact Insurance Specialists, Inc. online now!