Insurance requires proactive planning rather than a reactive mindset. Many people do not consider life insurance until they are older with larger financial obligations. While true that it becomes most necessary then, there are huge advantages for those who consider life insurance young.
A few facts to consider are:
Insurability Young and healthy is always the best time to buy insurance. Serious illness and increasing age are factors that can make insurance unavailable or cost-prohibitive. Permanent policies do not expire and Term policies can be purchased with options that guarantee renewal for decades.
Insurance As devastating as it is when someone young dies, life insurance can remove additional financial burdens that add stress to already grieving family members. Financial obligations can include funeral expenses, medical costs and student loans.
Cost The younger the age of the insured, the lower the price. This can be true for decades in the future and, depending on the option you choose, even for life
Cash Value Not knowing the future can prevent people from making decisions. Some policies, in addition to providing traditional life insurance benefits, build up cash value that remains available to the policy purchaser. In addition, money invested and future death benefits may serve as funds to borrow against in times of financial hardship.
Let the experienced professionals at Cobb-Hall assist you with your insurance decisions.