Why Should I Take Out Life Insurance Today?
It's true that young, healthy adults are at very low risk of death. Sure, accidents can happen. You might end up being among the unlucky few that develops a rare disease at a young age. Though, generally speaking, you're probably going to enjoy a long life. It is for this reason that few adults consider purchasing a life insurance policy when they're young and single. Even those who are interested in asset protection and retirement planning might not see the need for life insurance. This is almost as common a mistake as waiting to create a last will and testament and family trusts. However, there are major benefits to getting life insurance when you're still in your twenties. Here are a few to consider.
Lock in Low Rates
This is perhaps the very best reason to take out a life insurance policy when you're still young. The lower your risk, the less you'll pay for an insurance policy. If you choose a universal/whole life policy now, you'll lock in a low rate. You can enjoy that rate for the rest of your life, as long as you maintain a payment schedule. Note that this does not apply to term policies. Those will have to be renegotiated when your term expires. It will likely be at a higher rate. That is because you'll be older and possibly less healthy.
Plan for the Unexpected
Suppose you own a home and a business. You need to protect your greatest personal asset from business creditors. Therefore, you might create a family home trust. Naturally, you're planning to pay your business debts. Conversely, if the worst should happen and your company fails, you don't want to risk your family home. The same basic principle applies to life insurance. You're not planning to die anytime soon. However, the unexpected could happen (a fatal car crash, for example). Thus, you want to make sure that your loved ones aren't left holding the bag for medical costs, funeral expenses, and so on.
Understand Living Benefits
Certain life insurance policies infer additional benefits. They include an investment account attached to your policy. A portion of each payment goes toward premiums. The rest is placed in an investment savings account. Most such accounts are intended for retirement. Yet, in most cases, you can borrow against them. This could allow you to pay off student debt or put a down payment on a home. That is in addition to dealing with unexpected medical costs should the need arise. Having that option to fall back on provides peace of mind.
So why not learn more and register with TrustUs today.
After all, it's in your hands.