Planning decades into the future can be a hard request of anyone in the prime of their life, but the simple truth is when it comes to life insurance: “don’t leave for tomorrow what can be done today.” What tomorrow holds for each of us is ultimately unknown, but there are a multitude of reasons it is better to purchase a life insurance policy when you are young and healthy. Along with saving and investing, a life insurance policy is a key element in savvy financial planning.
Life Insurance Policy Cost
In general, life insurance gets more expensive as a person ages. A 25-year-old person in good health can find a sizable six-figure term life policy for just a few hundred dollars a year. For a senior citizen, that same coverage can cost thousands more. While there is no hard reference point for the start of Gen Y, the oldest millennials are now approaching their mid-30s, and the window may be closing on the time for them to get the best rates.
Life insurance should be attractive for anyone with dependents regardless of his or her age. Although there has been some delay among millennials to get married and have children, many are well into that stage in their lives. The reality is that few people, regardless of age, have savings that their dependents could live off should they die unexpectedly.
It’s no secret that today’s college graduates are burdened with record-breaking amounts of student loan debt. If something were to happen to a person that included their parents as financial co-signers, their parents would be responsible for the outstanding balances. Similarly, a newlywed spouse with a joint credit card debt or mortgage debt would be responsible for the entire sum should their partner die. Moreover, the average funeral costs between $6,000 and $10,000- no one wants to stress their loved ones with that kind of financial burden.
It’s Easy to Get Life Insurance Quotes
While you are young, the relatively painless process of purchasing life insurance can help guard against of these massive financial hardships. After a short discussion with our benefits advisor, you’ll be provided with life insurance quotes to get you started mitigating these concerns and protect your family for years to come. Contact us today!