Many of us are under the belief that you only need life insurance when you get married or when you start a family. The truth of the matter is that you can get life insurance as early as your college years or upon graduation from college. That’s the time you start looking for a new job and launch your career. It’s the right time to start budgeting your life and the time to get a life insurance quote and consider buying a cheap term life insurance policy.
It’s Best to Start Young
Life insurance is often included in a financial portfolio along with a 401 (k) plan, personal stocks and bonds, a money market account and an IRA account. Once you start your career, your employer may or may not cover you with a life insurance plan, leaving you to look for life insurance coverage on your own.
A life insurance policy can be used to help pay for a child’s college education and even student loans once a student has graduated from college. Just as there are benefits to having life insurance when a spouse dies, there are several benefits to having life insurance throughout your lifetime. The cash value that’s amassed in a permanent life insurance plan can be utilized as an emergency fund, to pay for a wedding, to buy a home or to pay for grad school. Once the policyholder’s need for death benefit protection has depreciated, they can access the monetary value in the life insurance policy through policy loans with affordable life insurance companies.
By getting a life insurance policy at an early age, it can be used to supplement your future retirement income. While you might be more concerned with other matters in your young adult years, such as paying off credit card debt, the life insurance policy you buy when you’re young will cost you considerably less and last up to 30 years, when you’re closer to retirement.
The Benefits of Starting Early
One of the best things about getting a term life insurance quote at a young age is that you can get lower premiums since you’re likely in better health at that age and have a longer life expectancy than that of an older person. As you age, your health status changes and life insurance companies place you in higher risk categories, meaning that you’ll be charged more for a life insurance policy. In fact, some chronic health conditions might prevent you from getting a life insurance policy at all. Another advantage is that you will lock in your lower premiums at a young age for the life of your policy.
If you’re ready to start discussing getting term life insurance at a young age, go online and find reputable, licensed life insurance brokers that will provide several term life insurance quotes quickly and privately. Think about this on your next birthday; ask your parents for starter funds to buy a life insurance policy and some guidance on their favorite, affordable life insurance companies.