If you're responsible for the well-being and care of another person, life insurance is a crucial first step toward giving them peace of mind and financial security. However, if you've taken on responsibility for others at a young age, you may be wondering whether you meet the eligibility requirements for life insurance.
Harold D. Miller Insurance Agency, a respected brokerage with offices in Ashland and Greenup, KY, says as long as you are 18 — old enough to enter into a financial contract legally — you can purchase a life insurance policy. Some carriers and plans may have different requirements, but youth usually is not a barrier to getting the financial protection your loved ones need.
Age has a significant impact on the premiums policyholders pay, so buying life insurance when you’re young may help you save a great deal of money. A term life insurance policy locks you into a low rate and expires after a set period, typically 20–30 years. In that time, your children will have begun building wealth and won’t need coverage from a parent's policy.
Younger people also might benefit from a permanent life insurance policy, which includes an investment component and can be a powerful savings vehicle if started early. You might be able to borrow against its value in the future to cover a major expense or make other investments.
Founded in 1958, Harold D. Miller Insurance Agency has helped generations of Kentucky residents protect the financial future of their family with an extensive selection of the industry’s best policies. Visit their website to learn more about their plans, including home, auto, and life insurance, and call (606) 473-6211 to make an appointment to discuss your needs with an agent.