When you’re young, life insurance isn’t usually one of your top concerns. Getting that career-making job, paying off student debt, getting married, travelling the world, starting a business or creative project, and buying a house are some of the goals that you’re more interested in pursuing. Getting coverage to protect against sudden death isn’t really on your mind. Besides, at what point do you need it? Life insurance isn’t like home, auto, or travel insurance; there’s no direct relation between a life event and getting coverage. When you start driving, you get auto insurance. When you buy a house, you get home insurance. When you plan a trip, you get travel insurance. But you’ve been alive all these years and have never needed coverage—at what point do you invest in life insurance? The when will depend on your situation in life, but investing in life insurance when you’re younger can help you further down the road.
Here are some questions that can help you decide if you should get life insurance coverage:
- Are you married?
- Do you have children?
- Are your parents or grandparents dependent on you for care?
- Do you own any assets, like a home or car, that still need to be paid off?
- Is there anyone you would like to leave money to?
If you answered yes to any of those questions, even if you’re still 25 and healthy as a horse, you’ll want to consider getting life insurance. It’s difficult to think about, but death can happen at any moment. An important question to ask yourself is whether your dependants would be able to continue in their current standard of life if your source of income was suddenly lost to them because of death. Life insurance can help replace your income, repay your debts, pay for child care and education, pay for funeral expenses, and cover estate costs. Life insurance lessens the burden for those you love—a worthy goal at any age.
Getting insurance while you’re young can help you in the long run, not only in terms of protection, but in terms of cost. Because you’re young and healthy, your premiums will likely be lower. Locking into an agreement now might be more cost-effective for you over time. Another benefit to you and your family.
There are many types of life insurance and each offers different coverages to suit different situations. Navigating through the choices can be difficult. But a friendly, knowledgeable insurance broker can help you through this unfamiliar territory. Come in or call us so we can help you with your options.