You may be thinking, ‘I’m not old enough for life insurance’. However, your 20’s and 30’s are the best time to buy it! The reality is, as we age, our health begins to decline. An average, non-smoking 20-something to 30-something year old can expect to pay $10 to $50 a month for a term life insurance policy to protect your family’s financial stability. That’s less than most people spend on their morning coffee every week. Get a term life insurance quote today!
Life insurance changes and adjusts as we age, and progress in life. Some things to consider are children, marriage, divorce, retirement, and taking care of aging parents.
Here are 5 reasons to consider getting life insurance.
1. You are thinking of starting a family or already have
I know, that life insurance may be the last thing on your mind when planning to start a family. However, raising a child can be expensive. Life insurance will provide financial stability to your family if the unexpected happens. Just keep in mind, that you will probably get a better rate if you undergo the medical exam before or after pregnancy.
2. You have private student loans
Yes, if you have federal government loans, the survivors can apply for a death discharge to cancel the borrower’s student loans. Unfortunately, if you borrowed a private loan and passed, your loan will be treated like any other debt. The student loan debt will become part of your estate. An estate includes your property, debt, and assets, and will be passed down to your heirs.
To prevent debt from becoming part of your estate, consider getting life insurance. Talk to a financial professional to find out how much life insurance you need.
3. You work for yourself or have a family-owned business
Similar to student loans, if you borrowed a business loan, you can get a life insurance policy that names the bank the beneficiary. This ensures that your business loan is paid off so your heirs don’t inherit that debt.
4. You have a high-risk job or extreme hobbies
Even though you will more than likely have a higher premium since you have a higher chance of dying from unnatural causes.
5. Peace of mind
Nothing could ever replace you. But rest assured, that some of the financial stress will be taken off of your loved ones after your passing. If you have any dependents or people who depend on you financially, such as children, a non-working spouse, or aging parents, it may be time to look at term life insurance quotes.