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If you are young and healthy, the last thing that is probably on your mind is purchasing a life insurance policy. Instead, you may be pondering what courses you should take next semester, what you should wear for your upcoming date or where you should take your next trip. This is very common as the majority of younger individuals don’t think about the fact that they may die early.
In fact, most life insurance companies know this and use it to their advantage with whole life insurance. They realize that most people in their twenties or younger won’t purchase a whole life policy even though that is the best time to do so! Why Purchase life insurance When You’re Young * Pay Lower Premiums Everyone ages and you may eventually decide to get married and start a family. At that point, you will most likely decide to purchase life insurance to protect your spouse and your children. This will protect them financially if you die unexpectedly. The problem is that you will end up paying much more for your monthly or annual insurance premiums at that point than if you purchased a whole life policy when you are much younger. Buying whole life insurance when you are in your twenties will cost you much less. Companies such as Gerber focused their life insurance company on purchasing whole life insurance policies for very young children or babies. You can buy an insurance policy for your two-week-old baby which may cost as little as 1 dollar per month for the rest of the insured’s life. Similarly, purchasing life insurance when you are still in your twenties will cost you much less than waiting until you are in your thirties or forties or until you begin to suffer health problems. * Protect Your Loved Ones If you die unexpectedly, your life insurance policy can protect your loved ones and family members. You may be surprised at how expensive it can be for funeral and burial costs, legal fees and medical bills. Even though the risk of you dying young may be low, you want to ensure your death doesn’t pose an unnecessary financial burden on surviving family members and friends. * Cost Increases As You Age The cost of purchasing a new insurance policy will continue to increase as you get older. Fortunately, you can establish one fixed premium rate if you decide to buy a whole life insurance policy. This means that you will pay the exact same amount from the very first day you purchase the policy until the day you die. It also means that your rates as an eighty-year-old policy holder will be low if you purchased your policy as a healthy 19-year-old, as long as you continue to pay your premiums. Why wait until you are older and suffering with health problems and pay a lot more when you can lock in at a low rate when you’re young and healthy? The younger and healthier you are when you purchase whole life insurance, the less it will cost you. It’s not worth the risk to wait and be denied coverage when you’re older or end up dying when you don’t have any coverage. It’s wiser to lock in at a low rate when you’re in your twenties. You’ll protect your loved ones financially, enjoy lifelong coverage and pay much lower rates that won’t change throughout the life of the policy. |
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