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I’m Young & Healthy: Why Should I Get Life Insurance?

When you’re in your 20s and 30s, you may not feel the need for life insurance, but it’s actually the best time to purchase it. Generally, the longer you postpone it, the higher the cost will be. Depending on the coverage amount, a nonsmoker in their 20s will pay about £20/month for a life insurance policy. That’s cheaper than a gym membership fee. 

If despite all your research, you still have doubts, the most important reasons to buy life insurance are as follows. 

1. You Have Kids 

Many purchase life insurance to cover student loans and other expenses to help their family when they’re not around. If you have a baby on the way, it’s the perfect time to acquire insurance because you’ll get optimal rates during pregnancy. 

2. You Support Your Parents 

Ideally, your parents should have purchased life insurance. But, In case they haven’t, then buying a life insurance policy will give you the spending power to take care of them. Under such a policy, the life insurance provider will help lower all the medical and daily costs so you can provide long-term care for them. 

3. Private Student Loan Debt 

Many young people struggle in their 20s because they don’t know how to find a job and pay off student loans at the same time. The downside to private student loans is the co-signer (like a parent) will have to clear the debt if you die. If there’s no co-signer, then the debt will be left behind to your estate, a massive dilemma, particularly if you’re married.

4. You’re Self-Employed or Have a Family Business 

If you own a family business, the death or disability of a critical member in that organization will take a toll on your revenue. Hence, the wise move is to get business-owned life insurance to help recoup some of the loss. Plus, you need life insurance to get a business loan from many lenders because it’ll give them an extra guarantee they’ll recoup their money in case of your death. 

5. You Have a High-Risk Job 

You never know when injury, death, or illness will occur, primarily if you work in a high-risk environment. In such a situation, you’re more prone to accidents and injuries than those who sit behind a desk all day. Jobs in construction, mining, firefighting, etc., translate into higher premiums. 

Even if your employer provides life insurance, you’ll lose coverage as soon as you change jobs. Therefore, you need to get personal life insurance and have the assurance that no matter what happens, you’ll always be protected. 

Bottom Line 

We purchase insurance for our cars, our home, and even our gadgets. But, we seem to not care about our health and our lives that much. We all need to know that accidents can happen anytime, and the only solution is to be prepared in advance. 

Purchasing life insurance from a reliable provider like Lycainsure ensures you and your family will always be safe no matter what.