Buying life insurance at a young age
It might seem too soon to start thinking about life insurance when you only graduated a few years ago – or just started your first “real” job. But, by starting early you could benefit over the long term. Both your age and health are determining factors in what your life insurance premiums will cost. The younger and healthier you are, the less you’ll likely pay. If you have never looked into life insurance, now might be a good time to consider it.
Here are a few reasons to consider term life insurance at a young age:
- Generally, the younger you are when you buy term life insurance, the lower your premiums will be. Plus, your premiums will not increase for the term you choose. For example, a 30-year-old male, non-smoker who is in good health can get $250,000 of coverage on a TD 10-Year Term Life Insurance plan for $18/month.
- If you have debt that a parent, family member or partner has co-signed (for example a student loan), you don’t want them to be left with unexpected expenses if you pass away. If the person who co-signed the loan with you is added as a beneficiary on your term life insurance policy, they could be paid a tax-free lump sum benefit in the event you pass away and use the benefit towards the loan.
- By putting it off, it could end up costing you more. A health assessment takes place as part of the approval process for a life insurance application. The older you get, there is a greater chance that you could develop health issues that may mean paying higher premiums or not qualifying for insurance coverage.
- You can plan ahead by purchasing life insurance when you’re younger. For example, if you decide to have children or have aging parents that rely on you for your income, you could help protect their future financial security if you were to pass away and they can no longer rely on your income.
Buying term life insurance can help protect the financial future of the people who are important to you, when you pass away.
Get a quote and apply today.