Here’s why you should consider getting life insurance when you’re young.
While most people don’t start thinking about life insurance until they are married and starting a family, there are some benefits to getting life insurance earlier on in life. Not sure if you should invest in a life insurance policy? Here are some reasons why millennials should consider getting life insurance now.
- It’ll Save You Money
Your age and overall health are both factors that affect how your health insurance premiums are calculated. Generally speaking, the younger and healthier you are, the lower your insurance rates will be. By getting health insurance now, you can lock in cheaper rates than you will ever have access to in the future. This, in turn, can save you money down the line.
- You Might Have Debts
Unfortunately, many millennials are burdened with student loans and other debts. If you were to die suddenly, your outstanding debts could fall to your loved ones. However, if you have life insurance, you can ensure that your death benefit is large enough to pay off your debts and help out your family with funeral expenses. It is not a pleasant thing to think about but having the life insurance early on gives you peace of mind. Get it then forget it!
- Funerals are Expensive
With the average funeral costing upwards of $7,000, you should expect your burial and funeral expenses to be staggering. If you do not have life insurance, your family will be responsible for paying for your funeral costs. However, if you do have life insurance, the costs associated with your death will be covered in your policy.
These are just some of the reasons why millennials should consider investing in life insurance while they’re young. Do you have questions about getting life insurance? Don’t hesitate to contact us at Randy Jones Insurance Services. Located in Pleasanton, California, our knowledgeable team is ready to assist you with all your insurance needs.