Should I invest in life insurance while I am young?
Many young adults face unique financial challenges these days, from figuring out how to save for retirement to tackling student loan debt. It’s easy to think you don’t need life insurance when you’re healthy and just starting your career, but the truth is investing in life insurance while you’re young in the best thing you can do. Our Hawthorne area insurance center has a number of reasons to consider investing in a life insurance plan now rather than later in life.
1. It’s Less Expensive
Life insurance premiums are based on several factors, including your age and overall health, so it stands to reason that the younger and healthier you are, the more likely you’ll be able to lock in a lower rate. This is because life insurance premiums are based on mortality. Premiums only increase as you age and if your health declines or you develop a chronic condition, such as high blood pressure or Type 2 diabetes, you may have a harder time securing life insurance.
2. Replaces Lost Income
More and more young adults are opting to start families later in life, but if you’ve got an early start, it’s important to ensure your family will be taken care of in a worst-case scenario. Some of the life insurance plans we offer our Hawthorne area customers can fill different financial needs and even replace lost income for your loved ones who depend upon your paycheck to cover day-to-day expenses.
3. Reduce Funeral Costs
Funerals can be costly and whether you plan for a typical burial or a non-traditional end-of-life party, someone will have to foot the bill. Life insurance can reduce the stress of paying for these costs as well as any other final expenses your loved ones may face in your stead.
4. Pay Off Debts
Funeral costs aren’t the only form of debt young adults should focus on while considering whether or not they should invest in life insurance. Credit card debt and student loan debt are very real factors, and if something were to happen to you, your family or loan cosigner may be tasked with paying them off. By taking out a life insurance plan, you can protect your loved ones who may be responsible for this debt.
Helping Our Hawthorne Customers Prepare for the Road Ahead
Your hunt for an affordable and practical life insurance plan ends here. Contact us at (310) 309-1311 for more information about the life insurance plans we offer or request a quote from Sully Insurance Center today!