I'm Young and Healthy. Why do I need Life Insurance?
If you’re questioning whether or not you should look into life insurance, the answer is most likely: “Yes - you need it!”
While life insurance may seem to be a matter only for middle aged or older people, or for people with substantial wealth, the truth is that most people can benefit from having a life insurance plan in place.
A general rule of thumb is that if there is anyone who would struggle financially in your absence, life insurance may be a good idea for you. If you have a partner, children, a business, or money that you plan on leaving to anyone in the case of you passing, having a policy may help prevent any unnecessary costs or losses.
Life insurance policies can cover not only the assets you have in life but also funeral costs and any outstanding debts that may fall onto others. If you currently hold a loan that anyone else co-signed, a life insurance policy would help alleviate the added stress of sorting out those finances in the case of a loved one losing you.
Another benefit of setting up a policy at a younger age is that life insurance policies are less expensive for younger people. The longer you wait, the fewer options you have for setting up a payment plan and policy. The specific policy you set up can be adjusted as time goes on and priorities change. But by setting up a policy at a younger age, you ensure that you have as many viable options as possible while making this important decision.
At a young age, it can be difficult to see the value in life insurance. It may seem like a morbid venture - planning for the time when you are no longer around to handle your assets - but the truth is, by covering your bases now, you provide a safety net in advance to prevent a future struggle for those you love. Having a life insurance policy can protect those you love, no matter how far away the need for it may be.
Get in touch with my team today, to talk about your life insurance options!
Sources:
https://lifehappens.org/life-insurance-101/do-i-need-life-insurance/
