So, you may be young, single and have no dependents and asking yourself, “why am I reading this article? What reasons to buy life insurance are there for me?” Lucky for you, you’ve stumbled onto this page. Why is that? Well, to be honest, it’s to help you better understand some of the top reasons to buy life insurance if you’re 20.
The first question you might want to ask yourself is, “Can I predict the future?”
Good, neither can we. Now that we have that out of the way, you might be asking what does that question have to do with life insurance?
While you may be young and healthy today, there is no guarantee that you will be young and healthy tomorrow. Anyone can become sick, hospitalized, or disabled at a moment’s notice; there aren’t too many definitive predictors of mortality/death. So while you may not expect to die tomorrow, there is no one who can guarantee you may not. Medical bills and debt (as any college student will tell you) can add up very quickly, and according to Jeanne Brutman, a financial advocate and strategist, if you don’t have life insurance when a life altering moment happens, you may find it very difficult to either qualify for life insurance or qualify for life insurance at a reasonable rate.
So now that you understand how uncertain life can be, let’s look at some of the top reasons to buy life insurance if you’re 20 (or close to it).
● Your debts may be passed on to others who have helped you financially in the tragic event of your death
○ If you have student loans, car loans or have incurred any other debt, the person who has guaranteed your payments could be left with a financial burden
● You may be awarded low rates for life insurance when you’re young and healthy
○ Life insurance costs are based on age, health, gender and the general risk of your death. Generally, the younger you are, the less risk you carry
● You may not be planning for medical emergencies even though they could happen
○ You may want to consider purchasing life insurance before you need it
● As long as premiums are kept up to date, your coverage may be guaranteed, even if you develop health problems later in life
○ According to Ms. Brutman, it can be easier to obtain life insurance when young and healthy
● You are expecting a change in lifestyle, such as marriage and/or children
○ Buying life insurance can help provide for your loved ones in the tragic event that something may happen to you
So there you have it, 5 strong reasons to buy life insurance if you’re 20.
