When you think of life insurance, you’ll likely think of it as something that you should worry about when you’re older or retired. However, if you’re a young person, it’s still important to consider life insurance. Life insurance is a plan that could benefit anyone, no matter what age you are. Our advisors at Valor Insurance, serving the greater Easton, PA community, could help you search for a plan that’ll meet your needs.
Life Insurance is Vital if You Have Dependents
Even if you’re still in your 20s or 30s, obtaining life insurance will financially protect your dependents such as children or other people who depend on you financially. You never know what could unexpectedly happen to you in the future. By purchasing life insurance, you’re preparing your loved ones financially in the event you lose your life due to an accident or another unexpected occurrence.
Lock in Lower Premiums
Another reason many young people must obtain life insurance is that they could lock in an inexpensive premium. The younger you are, the most likely you’ll pay a lower premium than an older person with health issues. According to the Life Insurance Market and Research Association (LIMRA), most Millennials (between the ages of 24 and 41 years old) find life insurance policies unaffordable. So if you’re a healthy young adult, you could get a term life insurance policy at a cheap rate.
Cash Value Earnings Could Pay off Debt
What if you’re a college graduate with some college debt? Some life insurance plans, such as whole life policies, have cash value earnings that could help you pay off those debts. A recent study shows that nearly 72% of U.S. millennials have some form of mortgage debt, with the average millennial owing $117,000.
Contact Our Office Today
Life insurance plans are beneficial for anyone at any age. If you’re a young person without one, now’s not the time to delay getting one. Contact our advisors at Valor Insurance in Easton, PA, and we can help find a life insurance plan that fits your needs.