Why Life Insurance Before Age 30 is a Good Idea

March 22, 2022

March 22, 2022: If you’re under the age of 30, you might still be sustaining yourself with ramen. Student loan debt, rising costs of living, and stagnant wages have all forced the 30-and-under crowd to develop some pretty strict spending habits. Despite this reality, there are a few expenditures that are a worthwhile investment — and life insurance is at the top of that list. You might feel like you’re too young for a life insurance policy, or you might wonder, what is the best age for life insurance? Read on to find out why now is the best time to get a policy and protect your future.

Don’t Leave Behind Debt

Remember those aforementioned student loans? With the average college graduate carrying over $37,000 in debt, it’s more important than ever to ensure your debt is taken care of. If you pass away, most federally funded loans will be forgiven, but many private lenders may still try to collect the debt. This means lenders can put a lien on your estate which may diminish or eliminate any assets you leave to beneficiaries. A life insurance policy can be used to pay debt and prevent this from happening.

Leverage Your Age and Health

Does age matter for life insurance, and if so, should you get a policy when you’re young? The answer is yes and yes! Age is a major factor in determining the premium you’ll pay, and in most cases, you can snag lower payments if you’re under 30. This is because life insurance policies are written based on risk, and the lower your risk, the more affordable you are to insure. If you are young, you are likely to be in good health, which translates to lower liability and premiums.

Plan for the Future

Even if you don’t have kids yet, you should invest in a life insurance policy if it’s a possibility in your future. One of the most important aspects of a life insurance policy is its ability to provide for your loved ones when you pass away. It’s always a good idea to get started early on this goal if you anticipate having children. If you don’t have or want kids, though, a life insurance policy can still help you provide for a spouse, parent, or sibling.

Create an Asset for Yourself

Did you know that you can turn a life insurance policy into an asset? Indeed, some types of life insurance policies allow insureds to borrow against the value of their policy. This can be a great way to get cash quickly, and it’s just another way that a life insurance policy can bring a sense of security to your life. Investing in life insurance is an asset to you and your future.

About 1891 Financial Life

At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.

Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.