3 good reasons to buy life insurance when you’re still young
You think you have your whole life in front of you? You think life insurance can wait until you own a house or have children? Or you may have other reasons to put off the decision. We know that binge-watching the latest series is a lot more fun than looking for insurance, but think of your future you. He or she will have saved a lot of cash if you start young!
1- The premium is really low
You’re still young so, to put it bluntly, your odds of dying are very slim. Insurance companies love you because you’re not a big risk for them. But what’s the benefit for you? Well, for starters, it’s not expensive.
Many people overestimate the cost of life insurance. However, you may be surprised to discover that term life coverage can be had for as little as 25 to 35 dollars a month. Compare this to almost any other one of your routine expenses and you’ll soon realize that it wouldn’t make a big hole in your budget.
Insurance may be inexpensive for the young, but what you might not know is that your starting premium rises as you get older. Let us show you the difference between your monthly costs depending on whether you start at 20 or 45 years of age. We’ve even added a few thoughts you may have along the way! Always keep in mind that when you buy insurance , you’re signing on for a basic price. That price will remain in effect for as long as your insurance is in effect. The price only changes if you change your insurance coverage. . . if you break your contract, in other words.
As you can see, while $300,000 in insurance coverage over 20 years costs you a little more than $20 a month if you buy it at 20 years of age, the same coverage would cost you $30 if you buy it at 35 and over $60 if you buy it at 45. Once again, time is money. Your future you will thank you!
2- Your loved ones will thank you for not having to pay your debts
Whether it’s your spouse or your children. . .
Put yourself in their shoes. They just lost their favourite person in the world (you). They need to figure out what to do about your dog. They’re planning the funeral of the century, including a special eulogy by Adele! Oops! They find out you don’t have insurance. Forget about Adele! Also, your spouse now has to assume your entire home mortgage alone, not to mention the kids’ tuition. What could be worse?
Instead, if you’d had insurance, you could have saved your loved ones a whole lot of financial hassles after your passing. We realize that your life’s ambitions are to be successful and happy, and maybe travel the world, not to just leave some legacy to pay your debts when you’re gone. But it’s not too late to add an item to your bucket list!
And you’ll think of your spouse and children every time you settle that insurance premium.
. . .Or your parents
Even if you have no children, you certainly don’t want to leave your next of kin (say your parents, if you’re not living with someone) with a burden of debt, however small. This is especially true if one of your parents has co-signed a loan for you, because he or she will be saddled with that debt.
3- If you’re in good health, you can get your insurance a lot sooner
Did you know that it can take up to six weeks for your insurance to come into effect? You could travel around most of Europe before your coverage kicked in! Since you’re still young, though, the process could take a lot less time. Depending on the product you opt for and the process involved, you could be insured in as little as 15 minutes!
To do so, you’ll need to deal with an insurance company that features a smart insurance delivery process. Have a look at our premium calculator. You’ll see that such companies are flagged with an Express label. The smart process is specially designed for your state of health and lifestyle, but our website questionnaire lists all relevant questions. Plus, if you’re in good health, you won’t need to undergo a medical. That’s what makes the process so quick!