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"I am young and healthy....does life insurance make any sense for me?"

"I am young and healthy....does life insurance make any sense for me?"

October 20, 2021
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Abraham Lincoln once said, “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”  When it comes to life insurance, knowing when to prepare is almost more important than the preparation, itself.

Understandably, it can be difficult to think about life insurance as early as your 20s, but life has a tendency of moving rather quickly. Before you know it, you’ll be in your 30s and possibly supporting a family, if you are not already. Even if you have a different life plan, safeguarding your legacy by ensuring that any financial obligations you leave behind are covered is always a wise move.

Unfortunately, many people avoid or put off purchasing life insurance due to some common misconceptions:

Life insurance is too costly.

Is it?  Have you estimated the cost, based on your needs?

Do you have a family?  Is your income protected?  Do you have a mortgage? What is the cost of not keeping them protected?

My employer already provides sufficient coverage.

Have you calculated how much you may need?

If you have a family that relies on your income, remember that after you are gone, your income stops but your family's financial obligations do not.

The process of applying for life insurance is too cumbersome.

Several factors will affect the cost and availability of life insurance, including your age, health, type and amount of insurance purchased. Considering these reasons, does it make sense to understand your insurability and explore life insurance options when you are young and healthy?

The pandemic has accelerated the adoption of simplified underwriting and in some cases, life insurance may be able to be purchased online, with no medical exam.

I don't need life insurance until I am older.

Younger individuals who do not yet have a spouse/partner or dependents often feel that they can postpone finding life insurance coverage. In reality, life insurance is significantly less expensive for the young and healthy. 

Several factors will affect the cost and availability of life insurance, including your age, health, type and amount of insurance purchased.  As you age, the cost of buying insurance is generally going to go up.

Insurance can be an intimidating topic, but it doesn’t have to be. If you feel it makes sense to explore your options and have your questions answered, reach out to your advisor or feel free to contact me. Even if right now isn’t the best time for you to purchase life insurance, discussing the future is a always a smart move.

About James


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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

*Several factors will affect the cost and availability of life insurance, including your age, health, type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. You should consider determining whether you are insurable before implementing a strategy involving life insurance.  Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

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