No one is ever too young to buy life insurance even though it seems like a waste of money. Nothing could be further from the truth, as the younger one is when buying a policy, the less it costs. It also has the added benefit of making it easier to increase coverage as life circumstances change.
Plus, the policy stays in effect even when the policy holder goes through a serious illness that affects their quality of life.
There’s an idea that buying a life insurance policy isn’t going to provide much of a benefit. Sending in a premium every month to an insurance company feels as if the money is disappearing into a black hole. Except it’s not. The money is going towards a policy that provides financial protection in the event of an untimely death, or it converts into coverage that makes more sense as you age. Then there’s the fact that a lot of money is saved over the duration of the policy simply by getting it sooner rather than later. Life is a gamble. No one knows how long they have to live even though they may feel that they’ll live forever. A life insurance policy is a hedge against the roll of the dice that is life.
Take this quiz to learn more about why it’s a good idea to buy life insurance at a young age. You might be surprised at the benefits that come with buying a policy in your 20s in 30s instead of waiting until you’re nearing 40.