At a young age, life insurance may not be something you are considering, but buying at an early age will cost you much less than waiting until you are older.
Younger often means cheaper
Life insurance policies will always be cheaper in annual premiums the younger you are when you buy your policy.
Younger often means healthier
Excellent health and youth are closely connected. Good health also translates to lower insurance costs.
Younger means getting more coverage for the future
Not only will being young and healthy help keep your insurance premiums lower, but it allows you to buy a lot more insurance coverage for the future. For example, later in life you may need a $500,000 policy when you have dependents, but a larger policy at that time may not be affordable. While it may not seem as important to have a large amount of coverage as a single person in your early 20s, that could all change just a few years down the road when you get married and start a family.
If you opt for a permanent policy, you’re also building credit you can bank on. As the cash value of your policy grows, you’ll be able to borrow against it. The younger you buy a policy, the more time your policy will have to grow in value.
The future is unpredictable. However, when you buy life insurance, you have peace of mind that your loved ones will be financially protected if something unfortunate happened to you.