For Millennials, life insurance is just about the last thing on their minds. But there’s good reason for young adults to make life insurance a greater priority.
“One of the biggest objections we hear from young, single people is, ‘I’m not married, and I don’t have kids. Why do I need life insurance?’” says Tim Bemis, assistant manager at Dupaco Insurance Services. “Young people can lock in a permanent policy today, and those rates will never change.”
In honor of Life Insurance Awareness Month, here are four reasons young adults can benefit from buying a life insurance policy now rather than later:
1. It costs less.
Sure, you’re single and without kids today. But what about five or 10 years from now? It’s important to plan for the future.
“As soon as people get married, start having kids or buy a house, they start thinking about getting life insurance. But if they would have bought it five years earlier, it would have been substantially cheaper,” Bemis says. “Life insurance rates are always the lowest when you’re young and in good health.”
2. Insure your future insurability.
Several health issues – from a peanut allergy to cancer – can prevent one from getting life insurance in the future.
“Perhaps there’s a family history of cancer or heart disease,” Bemis says. “Getting a policy while you’re young eliminates that worry of future insurability down the road.”
3. Protect your loved ones.
Consider what debts–student loans or otherwise–you wouldn’t want to burden your loved ones with.
“Life insurance is never about the name on the policy,” Bemis says. “It’s about those who are left behind.”
4. Leave a legacy.
Maybe you have a special connection to your alma mater, church or a good cause. Life insurance provides an avenue to leave a legacy.
“And beneficiaries are always changeable,” Bemis says.
Request a no-cost, no-obligation insurance analysis and quote online, or contact the Dupaco Insurance Services team at (563) 557-7600 / 800-373-7600, ext. 210, or by e-mail at firstname.lastname@example.org.