Getting yourself life insurance for protection is one of the best investments you will ever make in your life.
Unfortunately, when you are in your twenty-somethings, the feeling of invincibility and invulnerability can be pretty overwhelming. More importantly, most individuals in this age bracket see life insurance as a lifelong financial commitment and are not likely to be thinking of long-term investments. Being in your twenties, however, involves a myriad of milestones and life changes. You may start a career, get married, and have kids. For this reason, getting yourself insured is paramount.
You may think of putting it off now, but there is a very likely chance that doing so will cost you. So, if you are on the fence as to whether you should be getting a life insurance policy before you turn thirty, below are good, compelling reasons why it might be wise to do so:
1.) Growing your family
Most individuals settle down in their thirties, would get married, and think of starting a family or having more kids. As your family grows bigger, so will your need for financial security. Also, you need to realize that as you grow older, your parents may retire and depend on you financially. With the increasing number of dependents in your family, it is essential that you have a form of security in place, and this is where life insurance comes in. Getting yourself adequately covered with a life insurance plan serves as a contingency plan for your dependents. It serves to protect you from any high-risk scenarios where your family’s financial future may be at stake.
2.) Insurance against liabilities
Fulfilling specific life goals may require you to have financial assistance. After all, you are at an age where you may find yourself needing mortgages, car loans, education loans, and the like. With your stable income now, you may think that paying off such liabilities will come easy. However, you will be passing off these liabilities to your dependents should anything untoward happen to you. Term or life insurance acts as a buffer and can help cover the repayment of such liabilities in the event that something untoward may happen to you.
3.) Getting more than your existing term plan from employment
Your employer likely has a term or life insurance plan in place for you. However, you should not solely depend on this as this may not be enough or may even be unfruitful. This is because there is no guarantee that you will continue working with the same employer in the long run or all throughout your life. Typically, individuals reach the peak of their careers by the time they turn 35. While career trajectories are unpredictable, you may be compelled to switch positions or even change employers should you strive for career enhancement or growth.
4.) Locking a lower premium
Term life insurances are more cost-effective when you are younger. That said, the earlier you purchase your term insurance, the cheaper your premiums will be. As you get older, you develop more health conditions which mean the cost of insuring you will be a lot higher. Moreover, individuals have to undergo a health check-up when they are applying for term insurance after they turn forty-five.
