It’s a common misconception that life insurance is only necessary for middle-aged adults however, there are plenty of benefits for younger adults owning a life insurance policy.
Life insurance is a necessary and affordable way to provide your family with financial security and peace of mind, should something happen to you. Life insurance sets the foundation for protection, and younger individuals benefit from having life insurance just as much as those in their later years. Beyond providing your loved ones with the means to meet their financial obligations and maintain their household, life insurance can also be used as supplemental income. It can also provide living benefits for terminal, chronic and/or critical illness.
Another reason why a younger individual may benefit from having life insurance is that by waiting to buy when they are older, they may be facing higher premiums. Typically, life insurance is less expensive if you purchase at a younger age. You can guarantee yourself good health locking it in early. Life insurance can also be purchased as a fast cash accumulation, which will grant you access to tax free money at any time.
Considering life insurance in your 20s and 30s is crucial when building a strong foundation for your future. Agents should speak to their younger clients about the importance of having a good life insurance plan that fits accordingly their needs.
