3 reasons why term life insurance is worth it for young people
When it comes to insurance policies and the protections they afford, the types are usually broken down into two categories: Those that you are mandated to have and those that you can opt in to. In the former category, you'll find home, auto and health insurance. Millions of Americans are familiar with these types due to the legal requirements mandating that they be secured. There are other insurances, however, that fall into the second category that may not be mandated but could still be valuable. Pet insurance, for example, is one.
Life insurance is another.
While not often mandated, life insurance can be particularly valuable to have, even for younger people who may view it as an extra financial burden. Term life insurance, however, can be both valuable and cost-effective for young people and it can be easily secured now.
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3 reasons why term life insurance is worth it for young people
Here are three reasons why term life insurance is valuable for younger people.
It costs less
Younger people are generally considered to be healthier, and, thus, less of a risk to insure. That lower risk will usually be reflected in lower monthly and annual premiums passed on to the policyholder. Each birthday that passes will only make life insurance more expensive.
But if you apply now, when you're as young as you ever will be, you'll maximize your chances of getting inexpensive life insurance. And if you take certain steps, like bundling your plan with your other policies, you may be eligible for a discount.
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It covers more
Not only will term life insurance cost less for younger people, but the coverage options will generally be more robust than if you had waited. It's not unusual for those under 40 to get $1 million or more in coverage for less than $100 a month.
That could be well worth it, particularly if you have family members or beneficiaries who depend on you or if you have a mortgage or other debts that will get passed on in your absence. Then, many experts would argue, that life insurance actually is mandatory.
It gives you peace of mind
It's always better to have financial peace of mind instead of worrying about the future. This is always true, but especially now when prices are high and inflation has eroded the purchasing power of your dollar. You'll want to make sure your loved ones are protected should the worst-case scenario arise.
Term life insurance can do that, giving you peace of mind by knowing that there's a backup plan in place. Just be sure to shop around to find the best and most affordable plans. Otherwise, you could get stuck with a policy that's too expensive and not particularly valuable.
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The bottom line
Don't get caught up with perceptions. Life insurance, particularly in a term format, can be advantageous for adults old and young. For the latter group, it's advantageous due to the generally lower costs and great coverage options. But it also has more important, less tangible benefits, like peace of mind, which no one can put an exact price tag on.
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