Never Too Young: Know When to Get Life Insurance Before It's Too Late

Posted on February 26, 2019

The last thing you may want to think about in your twenties is the end of your life. You're young, wild, and free, after all, and you have your whole life ahead of you. And you're not alone: there's an incredibly small group of twentysomethings that have life insurance.

But that shouldn't be the case.

You may be surprised to hear, but your twenties is actually one of the best possible ages to get life insurance. The idea that you should wait until your later years to get insurance is one that could potentially cost you a pretty penny.

So when's the right time to start planning for the future? Read on, and we'll walk you through when to get life insurance.

Why Do I Need Life Insurance Now?

When it comes to life insurance, there's no one size fits all plan. It's important to take stock of your personal life situation when making decisions on insurance.

The most important question to consider is one of responsibility. In your life as it stands, are you financially responsible for anyone other than yourself? This could be your spouse, children, older relatives, or anyone that looks to you for some sort of support.

If the answer is yes, it is highly advisable to get life insurance right away. At any age, tragedy can strikes. Illnesses and accidents take countless lives a year. If something were to happen to you, you need to ensure that your loved ones are taken care of.

It's difficult to weather the financial burden of a death. And though you very well likely will be here for many years to come, it can be hugely relieving to have a safety net in case of the worst.

Besides, getting life insurance early can a huge number of benefits to you, your family, and your wallet.

You Are In Good (Or Great!) Health

Most people don't think about insurance until it's too late. But right now, you're young and in good health. You exercise, you have no signs of illness, and hopefully, that good health will continue for years to come.

Instead of this being a reason not to get insurance, consider it a great reason in favor of it. If you wait til your later years to get life insurance, you run the risk of developing a number of common illnesses prior to enrolling.

This is especially true if you spent many of your younger years drinking, smoking, or overeating.

Diabetes, heart disease, cancer, and so forth: any signs these might be a problem can be huge premiums when it comes to your life insurance. They can also make it harder to obtain a policy.

Meanwhile, your health at a young age means that you should be able to get an affordable policy with ease. Your good health is a stamp of approval that should help insurance companies feel at ease.

Term Life Insurance Is Currently At Its Cheapest

In your twenties, you're most likely going to spring for the cheapest and most common form of life insurance: term life insurance.

Term policies last for a certain stretch of time and guarantee a certain payout if you were to pass during the given time. Both of these elements are flexible depending on your personal preference and can be worked out with an insurance agent.

The cost of term insurance policies has been steadily falling over the years as overall mortality rates have decreased. That means getting a reasonable policy at a price that works for your budget is very possible.

Once you set your policy, you'll keep paying the same price for years to come. So even though you may be paying some smaller amount up front, it can save you loads of money in the long run.

What's The Cost Of Waiting?

Many young people are still reluctant to sign up for life insurance policies. Existing bills take precedence and many millennials elect to cover costs like internet or cable before taking on a policy.

But cutting corners in the budget early on and can add up to a huge value later in life. The monthly cost of a life insurance policy can nearly double over the course of ten years.  The cost of waiting for such a duration? Thousands of dollars.

The only situation worth waiting for is if you have no financial dependents of any sort. If you're single and completely independent, you could choose to wait until you get married to take out a policy. There are a number of joint policies that attractive to couples.

But even as a single individual, getting a policy early can still save you time and trouble later. Getting an insurance policy early, even when you don't need it, will lock you into a price that you may be thankful for as you age.

How To Know When To Get Life Insurance

As a young person, you're just starting to figure out how to navigate the financial needs of the adult world. You may not be ready to think about more complicated matters, but it's important to start thinking about when to get life insurance.

Tackling the topic early on in your life can save you loads of time and money down the line. Consider taking out a policy and you'll likely be happy you did.

Want more life insurance advice, tips, or tricks? Check out our blog for more information.

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