right time for life insurance

What Is the Ideal Age to Buy Life Insurance?

By Hoffman Brown Insurance | , | No Comments
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When you are young, buying life insurance is probably the last thing you want to think about. Many think it is morbid or testing fate. The fact is that life insurance is the best way to start creating a security blanket for the future. Many life insurance policies offer perks that you can benefit from while you are still alive. Also, buying while you are young will set you up for a brighter future.

What Is the Right Age to Buy Life Insurance?

The best age to get life insurance is in your 20’s when you are just beginning your journey in life. The right policy will grow with you and protect your family from having to manage your debt if something happens to you. Most new graduates are carrying around over $30,000 per loan, sometimes more. That is a lot of weight to leave behind for your family. Certain life insurance policies can help cover your debts and financial obligations after you pass away so that your family is not left with this extra burden.

Perks of Buying in Your 20’s and 30’s

Buying life insurance in your 20’s and 30’s does have benefits. First, you are less likely to be required to pass a strict physical. Second, building equity in a life insurance policy early on means that you will have a substantial amount of money in reserve if you ever need to borrow against it. Many life insurance policies offer a money market type of account that lets you set aside some amount for investing. This could mean a hefty nest egg when you reach retirement age.

New graduates who are just starting out have to pay off staggering amounts of student loan debt. They may also have personal loans that they relied on to cover living expenses or to buy necessities. A good life insurance policy will make sure all these debts are taken care of if something should happen to you. If you are just starting out and already have a family, you need to take care of their needs as well.

Protecting Yourself and Your Family

Priorities shift once you start having a family, including the reasons to purchase life insurance. Once you have a family, your focus for life insurance transitions from paying off debts to making sure your family is cared for if they were to lose both you and your income. While paying off your debts is still important, your family may not be able to live comfortably if they no longer have access to your income. Therefore, having funds available for them is essential.

Is There a Downside to Buying Life Insurance When You’re Young?

The downside to buying life insurance when you are young is having to spend money you may not have on life insurance premiums. Start with a small policy if you must. You can increase it later. The key is getting in the habit of paying for life insurance as soon as possible. This will set you up for success as you move forward.

If you have questions about the best age to get life insurance, you should talk to the professionals. Call and talk to our reputable agents at Hoffman Brown Company. We can explain how life insurance works and help you find a policy that fits your needs. Do not delay in securing your family’s future. Find out what a quality life insurance policy can do for you today!