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Do Young People Need Life Insurance?

When you are in your early twenties, your life often revolves around climbing up the corporate ladder during the weekdays and partying on the weekends. During those years, when death seems like such a far away notion, the thought of life insurance coverage and comparing life insurance quotes is probably not in the forefront of your mind. Unfortunately, not buying life insurance while you are young means that you miss out on some of the best life insurance rates of your life and can jeopardize the financial security of your future family.

Youth is Cheap

Life insurance is really cheap to buy when you’re young. Because young people are statistically farther from death the insurance companies have less risk of actually paying out a lump sum death benefit and instead can collect premiums for decades, invest them and get a good return. This allows for very competitive rates that are locked in for the term of your policy-and with a permanent policy that means the rates are locked for life. Compare the life insurance quotes for someone your age and someone 10 years older and you will understand the power that your youth holds.

Great Benefits for the Future

A life insurance policy may still seem unnecessary to you if you are childless and unmarried because there is no one with a financial dependence on you who needs the life insurance death benefit. But if you’re like most people then you will someday have a spouse and kids who rely on your income to survive. With a cheap insurance policy already purchased in your twenties you can make the financial future of your kids more sound.

If you buy a permanent policy there is also a savings element that can’t be ignored. As your cash values grow you can begin taking loans* out of your life insurance policy. These loans can come in handy when you are getting married, having your first child or buying your first home. Depending on the type of policy you choose, you could have a guaranteed return in your cash value accrual or it could follow the ups and downs of the stock market. Either way, it is great to have access to these funds when you need them.

So whether you are 23 or 33, the time to get life insurance quotes is now. You can get life insurance quotes from multiple insurers by using an online system. Once you receive the quotes, simply review them and see which seems most affordable. But remember, life insurance quotes aren’t just about cost-they are also about value so consider what you get with the policy for the price.

*Loans taken from life insurance policies must be paid back or they can trigger tax consequences and can result in a reduction of the death benefit proceeds.

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