I am seriously thinking in getting a life insurance not only for me but most specially for my family.
In your twenties it is easy to ignore your life needs. Who wants to think about life insurance when you are still so young? This is especially the case if you have no dependents to take care of, and only have to worry about yourself. However, this is not good judgment as no matter how young you are, you will always be responsible for someone, whether or not you have a spouse or children. What will occur if you get into an accident and pass away? Who will repay your student loan? Who will repay your car or house and lot loan? How about your credit card debt?
If you don’t have a spouse it will be your parents or another family member that is left to foot the bill. If you don’t think this is fair, than getting life insurance, no matter how young you are, is a good idea. In fact the younger you are the more inexpensive your life insurance policy will be.
Why Should You Get Life Insurance?
Despite young adults having a tendency to feel invincible, life is not guaranteed to any of us, and all of our futures are unpredictable. The main reason to get life insurance at an early age is because it is important to prepare for the unexpected. It is also essential to living a responsible life to shelter your loved ones from your expenses. Life insurance does not help you personally, but helps protect your family. You must be wary of the fact that any life insurance coverage that you get through your employment will most likely not be enough to cover all of your expenses if you become deceased. Your family will already be suffering if you pass away, so why put them through the burden of paying your debt? That is why it is often necessary to get added coverage on top of any life insurance you get through your job.
At What Age Should You Get a Life Insurance Policy?
The truth is it is never too early to get a life insurance policy. Right now is the perfect time to get a policy, as you are youthful and most likely relatively healthy, so your insurance rates will be very low, especially compared to what they would be if you wait even ten years. In fact, if you are truly responsible, the latest you should be getting your own life insurance policy is at the age of 25, when society deems you a true adult.
What Type of Policy Should You Get?
There are many pros and cons of both life and term insurance, but it often makes sense to get term insurance at a young age. This is because you don’t know what situation you will be in, in 10, 20, or 30 years from now. You will not know how many kids you have, whether you will have all your bills paid off by the time retirement rolls around, whether you will have a spouse, or will be divorced, etc. Life is extremely variable and so it often makes more sense, especially at a young age, for your life insurance to be variable as well.
photo via: www.protective.com
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