Buying Life Insurance Early? Yes please!
Buying life insurance might not be something top of mind as a young adult trying to budget. However, age is one of the largest components to determining the cost of your life insurance premium. Why wait until you’re married with children to pay unnecessarily high premiums when you can pay a lower amount now?
Reasons Young Adults Should Buy Life Insurance:
- Provides a safety net for your loved ones if you die – In the case that you have a premature death, your beneficiaries and loved ones may be able to accumulate the insurance coverage in cash value.
- The policies will be cheaper for you – Good health = lower insurance costs + lower odds for getting extreme illnesses.
- You can build tax-free income – Life insurance not only has a death benefit but can actually be a way to build money over time. By the time you are ready to buy a home or retire you could have hundreds of thousands in your account that is tax-free income. .
When it boils down to it, the earlier you take advantage of life insurance policies, the more money you will save. Why not start insuring your own life, while also setting up your future family for success? Let’s start planning ahead.