Do I need Life Insurance As a Young Person WITHOUT Dependents?

Many young people may feel that life insurance isn’t a true need until you get older or have a family. However, nothing could be further from the truth. Most of us won’t leave this earth as young people. As a result, it pays to put safeguards in place to help us as we age and grow families. Waiting until we’re older to invest in this beneficial insurance can significantly differ in how much we’ll pay. Right Choice Insurance and Taxes of Tuscon, AZ is committed to educating young people about life insurance benefits.

The ABC’s of Life Insurance

Life insurance is less expensive the younger you are. This means that the best time to purchase life insurance, in terms of cost, is while you’re still in your twenties or thirties. Beyond your thirties, life insurance becomes more expensive to purchase. A key reason to purchase life insurance as a younger person can lock in a good rate that you will continue to pay for years, depending on the type of life insurance you invest in. Term life can be a good purchase for a young person because you will pay that same small rate over the insurance policy term once you lock in the lower rate. In essence, investing in life insurance at a young age grants you lower premiums and reduces the cost you’ll pay on life insurance over the course of your lifetime.

Other Benefits…

Life insurance also has the ability to reduce the worry and stress associated with funeral costs and other final expenses. Life insurance is cheaper for young people because there’s less risk of insuring a healthy young person. Term life insurance is often considered one of the better investments for young people because the low cost of purchasing hundreds of thousands of dollars in coverage makes it very affordable to purchase and keep this insurance well into your elder years. Suppose you have questions about purchasing life insurance as a young person, give us a call. We’re here to help.