Life insurance is an excellent option to financially protect yourself and your loved ones. While it’s often thought of as something you purchase later in life, purchasing life insurance when younger can be beneficial. Here are some of the most important reasons why:
- The younger you are when you buy term life insurance, the lower your premiums will be. Purchasing life insurance at a younger age lowers premiums and reduces the total amount you’ll spend on life insurance in your lifetime.
- You can plan ahead by purchasing life insurance when you’re younger. For example, if you have children or aging parents who rely on you for your income, life insurance could help protect their financial future should you pass away prematurely. If you’re in a relationship and have a mortgage, life insurance can protect the surviving partner from having to cover the remaining amount themselves or losing the home entirely.
- When you buy a policy, the younger you are, the more time your policy will have to increase in value, including the cash surrender value (CSV) portion. As your policy’s cash value grows, you can borrow against it. By purchasing a permanent policy, you’re also building credit that you can use later in life.
- If you have other insurance policies with Cowan, such as home and auto insurance, you may be eligible for a multi-line discount should you purchase a life insurance policy with us, saving you money on all your insurance costs.
- Delaying the purchase of life insurance could end up costing you more. A health assessment is part of the life insurance application approval process for specific life insurance coverages. The older you get, the greater the chance you may develop health issues that may mean paying higher premiums or not qualifying for insurance coverage.
Taking action and considering life insurance at a younger age can protect your family’s future and save you money in the long run. Please contact me, your trusted financial advisor, and start securing your financial future today.
Tristen Qaderi CFP, CLU, CHS
Wealth and Insurance,