Freedom and responsibility
Being in your 20s can be equated with taking on new responsibilities and trying new things. It’s a time in your life that is associated with being in good health. You may be stepping out on your own. There are usually big milestones along the way:
- You may be in college or have finished college.
- You may have started a new career or vocation.
- You may be thinking of marriage, or you’re engaged.
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Buying whole life insurance is one way to help create financial protection for your future.
Good advice
People love giving advice to young adults. It’s because a 20-year-old is at the beginning of their adult journey. People, especially family members, want to help guide you in good decision making for your future.
One common piece of advice for young people in their 20s is start saving money and making buying decisions toward something that helps protect you in the future.
Buying whole life insurance is one way to help create financial protection for your future. Whole life insurance is like a good education. It continues to serve you throughout your life.
Whole life insurance vs. term life insurance
Buying whole life insurance as a young adult can lock in lower premium rates due to the factor most people in this age are in good health and qualify for coverage. Whole life insurance is designed to provide a death benefit while also building cash value throughout the life of the policy.
Term life insurance is designed to cost less than whole life, and typically there is no cash value besides the death benefit. There are some renewable term life insurance options that do build cash value. Term life insurance is usually offered in 5-, 10-, 20-, and 30-year increments. When the term life insurance has terminated, you may have a different premium rate due to your age.
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Less is more
Life insurance is less when you are in your 20s, because the average twentysomething is in a low-risk mortality group. Compare this to someone in their 50s and 60s with a much higher mortality rate.
A lower mortality rate means you pay less in life insurance premiums for coverage. If a person in their 20s commits to purchasing a whole life insurance policy and paying a premium each month, he or she will save money on premiums for the long-term.
You lock in rates that are for the life of the policy as long as you keep current with the premiums. Some whole life insurance policies are in force until a policyholder’s 100th or 120th birthday. Imagine building money and saving money on lower premium rates.
Even if you do develop health issues later in life, you are still covered under a whole life policy and your premiums do not change. People who apply for life insurance with a pre-existing condition can sometimes be refused life insurance or pay a higher premium than a person who does not have a medical condition.
Time to stand on your own
Parents who are life insurance policy holders can carry a child rider on a life insurance policy for a dependent child, sometimes until their early 20s. If you have been on your parent’s policy under a child rider, this may be a good time to buy your own life insurance policy. Show your parents you’re ready to take responsibility.
You are standing on the precipice of your future, full of freedom and new responsibilities. Start one good habit that will carry through your lifetime.
Contact and meet with a
professional licensed life insurance agent. It’s a great place to begin. An agent can educate you on the
types of insurance and what options you have. You want to ensure you have enough life insurance, and you can manage the premiums each month.
Source:
https://www.thebalancemoney.com/why-you-need-life-insurance-in-your-20s-4153427
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