Life Insurance is for Young Adults, Too

KJ Martin
 | Published: 
August 21, 2023
 | Category: 
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Life Insurance is for Young Adults, Too

If you think you don’t need to apply for life insurance in your 20s and 30s, you might want to reconsider. Buying a policy as a young adult has several benefits worth taking advantage of, even if you’re single or don’t have children.

Locking in Lower Premiums

Age is a key factor in how much you’ll pay for life insurance. The younger you are, the less likely you are to pass away. The insurer’s risk is lower, so they charge you less. And with a level term policy, you can lock in low premiums for up to 30 years.

Securing Coverage While You're Healthy

Young adults can certainly have preexisting conditions, even serious ones. But in general, people are healthier when they’re younger. Since your health is another key factor in how much life insurance costs, you may be able to purchase a large amount of coverage for a relatively low price when you’re young.

Creating a Safety Net

What if you’re not healthy now? Insurers still offer policies to people who are sick. They might cost more or have a waiting period before coverage kicks in, but they can still provide an important safety net.

If the worst happens, the policy’s death benefit could help your loved ones with final expenses. Also, some policies offer accelerated death benefits. This means you could get a cash payment while you’re alive to pay for medical treatment, take a memorable trip, or pay the rent if you get a terminal diagnosis.

If your health improves, however, you can apply for a new policy and try to secure a better rate.

Buying life insurance might feel overwhelming, but help is available. If you’re uncertain about your life insurance coverage and have questions, reach out anytime. We would love to help you find the best option for your situation.