When you are in your 20s or 30s, building a financial plan can feel quite tricky, especially if you are trying to balance many priorities like paying off student loans, or other debts. The global pandemic has probably also put a temporary pause on your career development and goals.
It may look pretty tempting to put off all apart from the most pressing financial problems until later. But a life insurance plan in the current difficult circumstances can help you balance and achieve your financial goals (both short-term and long-term). And now it has become more affordable.
Here are a few reasons why you should consider getting yourself an affordable life insurance policy when you are in your 20s or early 30s.
- Life insurance helps to secure the financial future of you and your loved ones
Life insurance can provide you with the security you need to reach your financial goals.
It is particularly useful if you are looking to:
- Get married
- Purchase a home
- Grow your family.
These are not very important financial milestones adding more responsibility to your shoulder. For example, you may soon have a family to support or a mortgage to pay. Life Insurance can help you meet those responsibilities.
Talk to an experienced advisor to know more about how life insurance can give you financial security when your responsibilities are on the rise.
- It is inexpensive
The younger you are, the cheaper it becomes. You simply cannot beat the rates you can get on life insurance in your 20s or 30s. You may get yourself a term life plan for less than $15 a month. Know your premium rates by getting in touch with our experienced advisors.
- It is almost a guarantee that you will be approved for a policy
Your application is more likely to be approved if you are in good health. Hence, applying for life insurance when you are young and healthy makes it almost a piece of cake to get coverage. Waiting until later in life may also limit your options and increase the costs significantly.
Which life insurance policy is the right one for you?
Term Life Insurance is your best choice, especially when you are in fine health and in your 20s or 30s. It provides coverage for a certain number of years ranging from 10, 20, to 30 years.
Here’s what it includes:
- Giving you enough flexibility to add more coverage later if you want: It gives you full freedom to give a boost to your coverage amount when you need to. For example, if you have more than one child in future, you can easily increase the coverage amount of the plan you have.
- Giving you the option of switching to a permanent plan in future: Permanent life insurance gives you coverage for your life. You don’t need to provide any medical information to switch to a permanent plan from a term life plan.
Final Word
Finding the right coverage amount based on your financial situation is as important as getting life insurance. An experienced financial advisor can help you chalk out a plan, providing you with the right amount of coverage you need at very affordable rates.
It can be tempting to apply for a round number coverage – say, coverage of million dollars – but it can be massively more than what you need. You would not want to be over-insured and over paying for the same.
Talk to our Trust Life advisors to know your life insurance options. The consultation is free with zero obligation!
