Investing in life insurance when you are still young and carefree may seem like a strange investment, especially if you haven’t yet started a family, but for the forward-thinking 20-something, it’s a savvy, money-saving decision. Here are three solid reasons to change your mind if you were thinking of pushing that milestone purchase down the line.
1) Nobody is promised tomorrow. Harsh as it sounds, a healthy body may not remain so. If you are young and experience a sudden death, you want to make sure coverage is in place to ensure your family is not saddled with paying for your funeral expenses. Life insurance is peace of mind.
2) Early birds are more insurable. When you are in the prime of your life, you are eligible for lower premiums than you might be as you age. Purchasing early can save you a significant amount over time in premiums if you develop any health issues like diabetes. As you age, you may even become uninsurable.
3) It can be a sound financial investment during life. Most permanent insurance policies build cash value that can be borrowed against to deal with emergencies or invest in opportunities like starting a new business, purchasing a home, or funding a wedding. If used wisely, this can help build financial stability earlier in life. If you reach retirement and find yourself without a need for the death benefit, that money can be instead used to supplement any retirement savings you’ve accumulated.
The earlier you purchase life insurance benefits, the sooner the ‘living benefits’ will kick in and allow you to build a strong future for yourself and your family. When you are ready to investigate your life insurance options, contact the Brandywine Insurance Group for a quote.