I am a 32 year old male, generally all-around healthy, and do not partake in any negative habits. I am also recently married and was without life insurance since my policy I received when I was an infant lapsed 5 years ago.
I knew that I wanted life insurance so in the event of my eventual demise, my family would be left with something to tide them over in my passing and to pay expenses.
Funerals are expensive and life insurance can help pay for them!
Below is what I learned in my search for life insurance, and an explanation as to why YOU should get life insurance while you’re young.
Term vs Whole Life
This is an easy one.
Term is for a specific period of time. Most usually 5 – 30 years: you decide. These policies are very affordable, and only provide you “protection” for that period of time in which you have the policy, as long as you pay it on time. The interest grows on these policies, and you can draw that off at any time.
Whole is a policy that covers you for the entirety of your life. These usually last until age 100 or so. My most recent policy is good until I am 121. This policy, and interest, is paid out upon my death. Though I am able to draw the interest whenever I want, as long as I leave it alone my policy is guaranteed to grow in interest by more than half of the policy value.
The Most Important Part...
age. My wife, the intelligent financial whiz that she is, has a whole life insurance policy that she applied for when she was in her mid-20’s. My policy, which is retroactive to just before my birthday this year, is 3 times as more expensive annually than hers!
Save yourself the money, and get life insurance while you’re young. Investing in yourself is one of the most important things you can do right now to secure a bright and healthy financial future down the road.
And don’t forget to pay your premium EARLY. My phone is set to alert me 1 week and 1 month prior to my premium being due.
Think about your future, today.