It’s no secret that life insurance should be an essential part of anyone’s financial future – especially if you are in your mid-twenties. With the burden of student debt, rising home costs, entry level jobs that expect more and pay less, life insurance can seem like a cost that might matter later, but certainly not now. Life is expensive enough as it is.
This is the part where we convince you that life insurance is important. It’s more than important. Life insurance is the best thing you can do to ensure that the financial future of your family and your loved ones will be stable in the event of your death. And there is no greater time to start the process than right now.
For one, life insurance will never be any cheaper than it is right now. If you are an average 25-year-old looking to buy life insurance, you are paying the bare minimum when it comes to life insurance premiums. Life insurance tends to increase by an average of 8-10% every year you don’t buy it. That increase is just from the simple fact that you are a year older than you were last year.
Another important thing to remember is that buying life insurance now will let you have peace of mind now when the weight of your finances can seem absolutely crushing. That’s the beauty of life insurance: you pay for it and when you die, your family gets the death benefit. Let’s say you are a twenty-five-year-old male and you want to make sure your family is absolutely protected if you were to die sometime before the age of 55. You plan to buy a 30-year life insurance policy for $500,000. The average cost you would pay would be about $32.09 a month. If you were to die at any point, your family would receive the $500,000 death benefit so long as your premium had been paid. It doesn’t matter if you died a year after or 20 years after, you got the policy and your family got the benefit. This doesn’t even consider that your premium will stay the same as you age; therefore, as you get paid more, less of your monthly budget will be devoted to paying that policy. It’s a win-win.
All of this sounds great; however, you may be thinking to yourself, “I don’t have a family or kids, and the chances of me dying prematurely are slim.” While that may sound logical, it’s not. You have no idea when you might meet the right person and how quickly towards marriage you will move. You may decide to have kids sooner than you envisioned. You’re young and with that youth comes an uncertain timeline. The only logical choice is to get the policy in the chance that everything that can happen, will happen. That way, you are gambling that things go your way and you made the right choice for the future. It’s logical and positive!
The last step when buying a policy is to choose an insurance agent that can help guide you through the process and help you pick the policy that makes sense for you. Spencer Insurance Agency, Inc. can give you a wide range of options from multiple different carriers so you can make the right choice at a price point you can afford. Don’t waste any more time! Plan for the future today with a life insurance policy.