When should you buy life insurance? Many young people do not recognize the benefit of buying early. However, doing so offers multiple perks.
If you are 18 years of age, it may be time to start looking at policy options. You will find life insurance is more affordable and easier to obtain when you are this young. Yet, being a wise buyer is also important. Before you buy, consider a few key concerns.
Why Buy At 18?
Those who are 18 years old likely have some level of financial responsibility. You may be responsible for a vehicle. You may have some debt from college. You may even be renting a home. During this time of your life, there is a risk that something could happen to you. If you die, who will cover your bills? Who will plan for and cover your end of life expenses? Life insurance can do so. Because you now have financial responsibility, you should have life insurance in place.
Another reason to buy now is because it is likely less expensive to do so. Buying a whole life insurance policy at 18 means, you will often lock in a very low premium. This will benefit you for years to come. Even if you have no assets or debts, the cost savings here can be a big reason to invest now.
That cost savings comes from being younger and healthier. It is less likely that an 18 year old will die compared to a 68 year old. Insurers know this. They are happy to offer most 18 year olds an insurance policy. However, you do not have to pay high fees because you are not a big risk.
How To Get Life Insurance
At this age, you have several options to consider. You can choose between term and a number of whole life insurance policies. Each one is a bit different.
Many times, employers will begin offering this coverage as well. If you are working full-time, inquire about this benefit. If you do not get it from your employer, turn to a specialized insurance agent. The agent will work with you to determine which policy fits your needs. You can decide on the cost, the coverage amount, and your beneficiary.
Take a few minutes to consider the value of buying a policy now. For many, life insurance just makes sense because of its availability and cost-effectiveness. If you have questions, check out some of TCU Insurance’s online resources for more information.