With so many financial challenges young people may face, you may not have put much thought into purchasing life insurance. Although it may not be a topic you want to think about until you’re older, buying a policy now can save you a lot of money over your lifetime. The team at Phillip Kent Beck Agency, located in High Point, NC, discusses why you should get life insurance when you’re young.
3 Reasons to Purchase Life Insurance in Your Youth
1. Locks in Lower Premiums
The younger and healthier you are when you purchase a life insurance policy, the less expensive your premiums are. Older people are more likely to pass away while they’re insured, so insurance companies consider that risk by charging them more. Premium amounts increase after each birthday, so buying a policy now helps you lock in lower rates for the same amount of coverage.
2. Protects Your Loved Ones
Life insurance policies protect your family’s financial future when you pass away. Even if you are young, your untimely death could make it difficult for your family to pay the expenses and debts you leave behind. For example, if your parents co-signed for your car or student loans and you pass prematurely, they may be responsible for paying them back in full.
3. Accumulates Cash Value
Permanent life insurance policies are an important part of long-term financial strategies. They develop guaranteed cash values that you can access at any time for any reason. These cash values grow each year, and you can use them to make a down payment on a home or pay off student loans.
The team at Phillip Kent Beck Agency offers a variety of affordable life insurance products that provide the protection you and your family can depend on. Give them a call at (336) 434-2111 to speak with an insurance agent. You can also visit them online to learn more about their insurance agency.