MONDAY, APRIL 10, 2023
If you are young and healthy, it can be easy to dismiss the value of life insurance. After all, why pay for something you may not need? The reality is, buying life insurance when you are young and healthy can be a smart move and one that helps you build upon your future financial security.
It Will Never Be Less Expensive
Odds are, if you are young and healthy, life insurance will never be less expensive to buy than right now. That is because life Insurance premiums are largely based on age and health. Should you be unfortunate enough to become ill, life insurance may either become expensive or even impossible to obtain. Even if you’re healthy, life insurance rates will likely rise with every birthday. Now is a good time to lock in these low rates while you have the ability.
Life Insurance Can Take Care of Debts
Even young people can have significant debts. There may be credit cards, student loans, car loans and other debt. Some of this debt may have even been secured by a co-signer, a parent or other relative. Upon death, these loans will still be required to be paid. Life insurance proceeds can clear up these debts, unburdening those who may be left behind.
You May Acquire Hospital Bills
Hospital bills can pile up rapidly following an illness or accident, and these traumatic events can happen at any age at any time. Life insurance will likely become impossible to obtain after the fact. Life insurance purchased when young and healthy provides that layer of protection to cover medical bills in the event of death.
Life Insurance Can Build Equity
Whole life or permanent insurance will often build value as the years pass. Many find it convenient to put money aside for a rainy day while also getting the benefits of coverage. This is particularly convenient for those who may have trouble saving money on their own. This equity can be tapped into in the future when and if the need arises. Permanent insurance also assures you will have coverage even if you should become uninsurable in the future.
It is time to take advantage of your youth and health in securing life insurance today. You may be surprised with just how affordable it is. The peace of mind that comes along with it comes at no additional costs.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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