The Benefits of Buying Life Insurance When Young

by O. Ritter, November 20, 2014

 

What do you know about Life Insurance? Have you considered taking out a life insurance policy? If the answer is no, let me give you a brief description of the benefits of taking out a policy and doing this while you’re young! Well, let’s just say the younger you are, the lower the price will be to insure you and let me explain why.  When you are younger, you’re typically in better health than when you’re older.  With that being said, getting lower premiums will be a much easier process and you will be able to obtain a fixed rate as long as you’re paying your premiums on time. This is just a portion of the benefits received at the time of purchase so I encourage you to keep reading on.

The cost of life insurance depends on many factors, including the type of policy, the death benefit amount, age and health at the time someone takes out a policy. By buying life insurance at a young age, it ensures that if something happens to someone’s health in the future, that person’s rates will always be based on his or her health at the time the policy was purchased,” (New York Life Insurance).

How awesome is that? Pretty awesome! For you readers out there, this is important information to know before taking out a policy so make sure you DO YOUR RESEARCH!

Lastly, let me add that my thoughts on life insurance were the same as many other young adults. I thought, “I’m 24 with limited possessions and no kids – what the heck do I need life insurance for?” In doing my research, though, I found the many benefits it offers including building cash value overtime and being able to take out the cash you need in case of emergency – even if you simply need to pay off a loan. Now, if this information about life insurance hasn’t moved you to at least consider purchasing it, then I MUST say you should still think about it or maybe even pass along the information to your family and friends. This is one investment that is worth your while. Next week I will break down the many different types of Insurance options you have to determine the type of insurance that is best for YOU!

References:

Forbes.com

Wall Street Journal Online

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