If you’re in your 20s or early 30s, life insurance might be the last thing on your mind. Regardless of your marital or financial status at your current age, there are quite a few compelling reasons to invest in a policy now instead of later. Consider the following reasons why purchasing life insurance now can benefit you in the future.

Why Should I Purchase Life Insurance as a Young Adult?

1. Funerals Are Often Expensive

Even the most basic funeral services can cost thousands of dollars. If you currently lack the savings or assets to cover these costs, they will fall on your loved ones if something were to happen to you. Life insurance pays for burial and memorial costs, which takes the financial pressure off of friends and family.

2. Policies Are More Affordable When You’re Young

Premiums are based on your age and your state of health. The older you get, the more expensive these policies will become. If you should develop a chronic health condition between now and when you sign up, costs can go up exponentially. You may even have difficulty securing coverage, depending on the nature of your medical condition. 

3. Some Insurance Accumulates Cash Value

While more expensive, whole life policies have a cash value component that grows over time. This money can be borrowed against while you’re still alive, which can be useful for opening your own business or buying a house. 

4. Co-Signers May Be Left With Your Debt

If a parent or guardian co-signed on a loan with you, they would become responsible for that debt should the unthinkable happen. The benefits from a life insurance policy can be applied to these costs, so your loved ones aren’t saddled with debt during a difficult time. 

While having life insurance is crucial, choosing the right policy is equally important. The agents at Kelley Agency in Lorain, OH, are here to help clients of all ages find the best coverage for their situation. This agency strives to make the process as stress-free as possible and will leverage its relationships with multiple carriers to find the best insurance products at affordable prices. They’ll also help you select the right amount of insurance, so you can rest assured that you are fully covered. Schedule a consultation today by calling (440) 282-8898 or visit them online for more helpful insurance tips.