A life insurance policy provides financial help to your loved ones when you die and can help with covering funeral expenses, mortgage payments, utility bills, credit card payments or any other financial obligations that you may have.
Typically, you don’t think about what Life Insurance is, much less whether or not to purchase a policy when you are younger. However you may find that it may be a huge benefit to examine the benefits of obtaining one much earlier than you think.
One of the benefits to purchasing a policy when you are younger is that you will get a much lower premium. Also more than likely you are much healthier at a younger age which also reduces the cost of the premium. Most companies prefer to cover healthy individuals.
If you purchase your own policy, you don’t have to worry if you lose or even change jobs as your policy goes with you. This ensures that you still have protection even if you change jobs or move to another state to start a new career.
Another thing to remember is child care and living costs if you have dependents. Having your own policy insures that your children can be financial taken care of in the event of your death.
If you currently don’t have any children, you may consider waiting a few years to obtain a policy, however it will still always be cheaper to purchase one when you are younger. Once you move into your 40’s or 50’s, the costs for premiums increase.
If you have any additional questions or would simply like to inquire about obtaining a life insurance policy, please give us a call at 651-739-9684.