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Why Am I In The Office?
No one ever seems to want to talk about life insurance, however it’s important to face the reality that we won’t be around forever.
But being young, single and healthy means you have nothing to worry about. Right?
Obtaining life insurance is one of the most important financial moves you can make. And for the best deal on life insurance, it often pays to buy when you’re young and healthy.
In general with most things when you’re making any sort of purchase, the more features you desire, the more it’s going to cost you.
And the same applies to life insurance rates. Shopping when you’re least in need can minimize your premium for the long term.
Do You Need It?
You may question why you’d take out life insurance when you’re young and single, with no dependents.
For many young people who have just embarked on a career and are earning a good income, the idea of allocating a (small) portion of that income can seem unnecessary. But if you’re presently uninsured, here’s some incentive to get cracking…
Right now, you’re the youngest you’ll ever be. Putting off getting life insurance can cost you more in the long run, with increased premiums.
The fact is changes in circumstances are inevitable. As time passes, things change, and so does your insurance needs. As people make their way through life, most acquire debt, get married, have kids and
By getting in early, you’re essentially securing a financial plan for your future, at the best price possible. If you get in while you’re young and healthy, you can minimize your premium over the life of your policy.
Plus, as long as you’re healthy and don’t smoke, you’re probably get the cheapest premiums you’ll ever pay when you’re young. Just look at this infographic on the high costs of life insurance for smokers. and you can see the impact health makes on your life insurance premiums.
Insurance is For The Unexpected
Although you may be young, single, carefree, and in excellent health, in the event of your unforseen death, your immediate family would be responsible for any financial burden you leave behind, including funeral expenses. You may be fit as a fiddle this very moment, but health can change in an instant, and send premiums skyward, literally overnight.
In short, the best time to buy life insurance is when you simply don’t need it.
Many people don’t start thinking about investing in cover until their health begins to deteriorate, or they’ve well and truly established a family.
Choosing the right life insurance coverage isn’t always black and white. A number of factors can come into play. If you haven’t looked into life insurance, shop around and explore your options. You’ll be surprised just how affordable life insurance can be.
Readers, how old were you when you first purchased life insurance? Is it worth it?