One of the many things we hear from our younger customers when building a comprehensive insurance package is that they don’t think they need life insurance because they’re young and healthy. 55% of millennials don’t have a life insurance policy at all. Conversely, another thing we often hear is that our older clients had wish they bought their policy sooner. We’re here to debunk the myth that people simply don’t need life insurance until they’re aging or facing a health problem.
What Life Insurance Looks Like
Typically, there are two kinds of life insurance plans you can purchase–permanent plans, such as whole or universal life insurance, or term plans. The former lasts your entire life and pays out to your beneficiaries no matter how long it’s been. Term life insurance agreements only last for the agreed-upon period, usually 20 or 30 years. Both have their benefits: permanent plans have a growing cash value that you can borrow against if needed, and term plans often have lower premiums.
What to Consider
The most obvious benefit to life insurance for younger adults is the ability to cover your costs if you unexpectedly pass. If you have a spouse or children who rely on your income or significant debt, the clear advantage to a life insurance plan is that any financial impact on your loved ones is minimized. In this regard, the largest asset a comprehensive life insurance policy grants you is peace of mind.
The Benefits of Purchasing Early
When you purchase your life insurance early, you prove your insurability to companies and generally save money in the long run. With permanent life insurance, you’re able to build cash equity starting early that can be passed on to your beneficiaries or used for expenses in your retirement.
While it may be a difficult thought to confront, it’s important to think about what happens to your family in a worst-case scenario. Even when you have many years left as a healthy adult, it only benefits you and your family to consider preparing sooner rather than later. You’re going to thank yourself down the road if you start thinking about life insurance policies before you need them.
Talk to a MetzWood representative today about finding a plan that fits you.
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