Think about the people in your life who have life insurance. Most of them are probably married with children. This might lead you to think to yourself, “Well, I’m in my 20s or 30s, I’m not married and I have no children. Surely that means I don’t need life insurance, right?” Wrong!
There are actually plenty of reasons to get life insurance when you’re young, healthy, and single, whether or not you plan on getting married or having kids later in life. Life insurance is useful to have at any age, so here are some of the biggest reasons to get it when you’re young.
Cost of Life Insurance
Insurance companies look at many factors when figuring out how much your life insurance is going to cost. Age and health are two of the most important factors: the older and less healthy you are, the more you’re going to pay for your life insurance policy. That is why you pay a lot less when you get a policy while you’re still young and in good health.
Planning for the Future
We’ll discuss why it’s a good idea to get life insurance even if you don’t ever plan on having kids, later. But if children are a part of your future, having a policy in place becomes even more important. When you have a spouse and children who rely on your income, a life insurance policy could make all the difference if you were to die unexpectedly, and if you put that policy in place now, it’s one less thing to worry about in the busy rush of weddings and baby showers.
It’s an unfortunate but true fact: dying can be expensive. The cost of a funeral can be a lot for a grieving family to handle. Also, things like loans, mortgages or medical bills can outlive you and be left for your loved ones to deal with. Having a life insurance policy in place can help to give your family the means to deal with these expenses and not have to add financial stress to their grief.
Leaving a Legacy
Even if you never plan to have a spouse or dependants and you’ve already planned to cover your end-of-life expenses, you can still benefit from having a life insurance policy in your younger days! If you have a cause or organization you care very deeply about, you can make a posthumous donation via your life insurance policy to benefit the cause after you’re gone. Maybe you’d like to donate to the science department at your alma mater, or a charity that you’ve always supported. Whatever your cause, many people follow this path with their life insurance policy as a way to live on and be remembered.
Regardless of where life takes you, getting life insurance when you’re young, healthy, and single really pays off down the line. If you’re interested in learning more about life insurance and what your options look like, YMI can help you! Please feel free to contact us here with your questions.