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Life insurance is one of the most valuable investments you can make, but it’s also the subject of common misconceptions that often cause people to go without coverage. For instance, many people believe that only older people with significant assets need to buy a policy, when, in fact, younger individuals stand to gain the most. Below are a few benefits of purchasing life insurance in your 20s.

Why Buy Life Insurance in Your 20s?

1. Cutting Costs

A variety of factors influence life insurance premiums, but few are as important as age. As you grow older, the costs of coverage steadily increase, with rates that are locked in for the term of the policy. In some cases, healthy people in their 20s can get coverage for just a few hundred dollars per year. Scaled over the life of the policy, these lower premiums could save tens of thousands of dollars in the long term.

2. Protecting Family From Debt

life insuranceYounger adults often need parents to cosign student loans, leases, and other debts until they establish their own credit. If you pass away, your loved ones will still be responsible for those debts, along with your final expenses. Life insurance insulates your loved ones from this risk, providing them with the resources to satisfy your financial obligations.

3. Taking Care of Responsibilities

If you’ve just started a family, life insurance gives your spouse the funds to care for your children, pay off the house, or completely replace your income if something happens to you. Even unmarried people with no children can benefit from buying a policy in their 20s, taking advantage of lower rates to protect your future family.

 

Choosing a life insurance policy can be overwhelming. With over nine years of experience and a range of policies from one of the nation’s leading carriers, Pooja Kuhn – State Farm® Insurance Agent offers detailed advice and reliable coverage to individuals and families throughout Lake and Ashtabula counties, OH. To request a free quote, visit her website or call (440) 964-3276. Follow her on Facebook for more insurance tips and advice.

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