Younger people have a preconceived idea that life insurance is something you get when you’ve got a family and assets to protect. And it’s not one without merit. With age comes more responsibilities once a family is formed, a house is bought, and education needs to be paid for down the road. That’s usually the time people start thinking about getting a life insurance policy to cover these needs in the event of an untimely passing. But it shouldn’t be. There is no time like the present to get a policy started as there are benefits to buying one at an early age.
Getting a life insurance policy when one is single and has few responsibilities is the perfect time. Policies are affordable and there are less hoops to jump through during the application process. Youth equals good health for many which keeps premiums down. Life insurance also stays in place even as life events happen, health changes, and needs change. And even term life insurance can be beneficial if the policy owner passes before the term has completed.
Someone who buys a 30-year term life policy at 28 but passes prematurely at 55 will leave behind a financial benefit to those left behind. It’s a pragmatic way to prepare for the future and gain peace of mind at a low cost. Check out this quiz by Health IQ to learn more about life insurance any why it is important to buy early. Some of the things you learn might surprise you!