Life insurance lets you provide for your loved ones in a way that nothing else can. All that’s required is signing up and paying premiums, and your insurer will dispense potentially life-changing wealth to your beneficiaries. But buying a policy in your 20s may seem unnecessary because at this time, you’re far from the end of your life expectancy and you may not have a spouse or children yet. Whether life insurance is worth buying in your 20s requires you to evaluate who you will be providing for in the future, as well as current and future financial circumstances.
When Does Life Insurance Become A Need?
Life insurance doesn’t become a need until after you pass away. At this time, your loved ones will need to cover funeral and/or hospital costs. If you have dependents, life insurance can be the difference between your loved ones keeping and losing a home. Life insurance makes it so that they will not have to shoulder the burden themselves.
But you can’t buy life insurance at the very moment it becomes a need, and no one can sign you up for a policy after you pass away. You may not even be able to get a life insurance policy once you reach a certain age. You have to buy life insurance years in advance.
What Are The Advantages Of Buying Life Insurance In Your 20s?
One advantage is that your premiums will be the lowest out of any age group. Your costs will be a fraction of what they’d be if you had waited years to enroll. You’ve also got more choices now than you will at any other time. Insurance companies are more than willing to offer you their policies because right now, you have a full life ahead of you. And with some policies, the monthly premiums may be so low that they might amount to less than one dollar per day.
You also have control from the beginning – you choose how long you want your policy to last, and you get to pick your beneficiaries. You can always change your beneficiaries and you can restructure your policy years down the road, so you will be able to make necessary changes if you plan on having a family.
When you buy life insurance now, you are purchasing something you will thank yourself for later. Some policies, such as variable and indexed universal life policies, have a retirement savings element. You’ll be able to accrue more money than you would if you left it in the bank, and eventually, you’ll have enough saved to where the premiums will pay themselves.
Get Started Today
At Senior Health Solutions, we aim to help individuals of all ages reach their goals. We believe that it is never too early to prepare for the future and that every person ought to be able to contribute to their surviving loved ones. If you’re in your 20s and don’t have life insurance yet, now is your opportunity. Call us today at (636) 244-4415.
