Life insurance is one of those things that many people do not really want to think ". old" about it until I understand; people do not want to think about death, and most young people assume they will have time to deal with later.
But this does not mean that they should not start thinking about life insurance now.
life insurance is an important part of your overall financial plan. The sooner you start putting your plans into action, the greatest benefits you will reap
Here are 4 reasons why purchasing life insurance at a young age is a smart move.
1) Lock cheaper premiums
The younger you are, the cheaper your premiums will be (other things being equal). the life insurance companies listed that you will probably live for a long, long time - and keep them send money along the way - and they set your rates accordingly
As your age climbs, so do your premiums for. new policy. Also, the older you get, the higher your rate increase during the previous year. For example:
A non-smoking man of 25 in good health may be able to get one, the $ 500,000 term life insurance policy for $ 32.35 / month 30 years. What would happen if he expected to cover? Assuming his health declines, this is what his monthly payments would look like
25 years. old - $ 32.35
35. old - $ 39.14
45 years. old - $ 85.55
55. old - $ 258.87
The difference between 25 and 35, is almost $ 7 / month. But the difference between 35 and 45, of more than $ 46 / month.
Waiting for 10 years and adds over $ 173 to the monthly premium!
2) Get a blanket before becoming uninsurable due to injury or illness
Your health is an important factor that determines how much you pay for life insurance. Poor health makes you more likely to die early, so insurance companies charge more to offset the risk.
Accidents happen. The disease can sneak up on you. And when these things take their toll on your body, your rate can go up. If your health takes a serious blow, you may be deemed "uninsurable" when you finally make an insurance claim. At this point, your life insurance options are limited and will be costly.
life insurance purchase before injury or illness strike prevents this from happening. Once your policy is in force, and you continue to pay the premiums, it can not be canceled and your premiums can not be raised by the insurance company for health reasons.
(This is one of the main reasons to buy a whole life insurance for children!)
3) Protect your loved ones of your premature death
we hope to live a long full life ... and we hope to have our financial house in order when we die. But if you die before your time?
We buy life insurance to protect the financial future of our families when we die. But the truth is we do not know when we will die. Is it not logical to buy a life insurance sooner rather than later ... to make sure we are ready for the unexpected
Even if you are young, you should keep a few things in mind:?
- If your parents co-signed any of your debts (such as student loans, car loans, etc.), they may be responsible for these debts if you die before paying
- If you are one who takes care of your aging parents, what will they do if you die? Life insurance can provide for them when you are not able to
- Have you put off buying life insurance because you are single without children? If want to get married and have children in the future, you can be glad that you already have a life insurance
Buy life insurance in your 20s or 30s no longer seems not crazy, is it?
4) Earn cash value
A permanent life insurance policy can be solid component to rock your long-term financial strategy. These policies are developed guaranteed cash values that you can access at any time for any reason. Yes, this is a benefit of life insurance, you can enjoy while you are alive.
The cash values grow each year, and over time, can help you pay off those student loans, make a down payment on your new car or house or finance a fancy wedding
Watch the video below for a better idea of how it works with whole life :.
There are no surprise: I think the purchase of life insurance at a young age is obvious. Ultimately, the choice is yours to make. If you have questions about how life insurance part of your plans, give us a call to 800-442-9899 .
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