Am I Too Young for a Life Insurance Policy?

Life Insurance

There is a saying when it comes to life insurance; "It will never be cheaper than it is today." This statement makes a valid point for you to consider.The longer you wait to purchase life insurance, the older you are.This may seem obvious, but one of the keys to the cost of life insurance is, the younger you are, the cheaper it may be.

There are people I have spoken with that feel they are too young for life insurance.Their reasoning is that due to being very young, in great health and having no major debts or obligations such as a family to support, why should I get a life insurance policy? I understand these positions because when I was younger, I felt the same way. Most of us, if not all of us, believe we will live for a very long time. If we have no major health issues and take care of ourselves, you think you don’t have much to worry about. But the reality is nobody knows what the future holds. We can take every precaution, plan ahead and hope for the best. Being properly insured can help prepare for any situation life could throw at you.

If you are age 18 or older and you are thinking about life insurance there are carriers who offer guaranteed issue term life insurance. Which means, no health exam or medical underwriting, and you could be approved for a very inexpensive policy for a period of time such as 10 or 20 years.

Another option you could look into is a small whole life insurance policy. Whole life insurance is a type of policy that will stay with you as long as you continue to pay the premiums and the price you are initially approved for stays the same. In my opinion, having some coverage is better than none. Even if you get yourself started with a small affordable policy, at least there would be some money to go to your beneficiaries, should something happen to you.

As you grow older and your needs change, then perhaps you can begin investigating other life insurance options that better fit your situation. If you have been thinking about life insurance, I encourage you to take the time to really think about it, ask questions and learn all you can. Life insurance is an important part of planning for your future. 

About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.