For someone who’s single without children, it may seem more important to pay off student loans and other debt than to take on a new financial obligation, especially if you’re saving up for large expenses like a wedding or a down payment on a house. But if you’re planning on getting married, having kids or buying a home at some point in the future, this is actually a great time to think about life insurance as a way to help protect these plans.
The cost of life insurance is typically based on three things: age, health and habits. In other words, it gets more expensive as time goes by. You’re more likely to qualify for better rates now, when you’re young—making it a smart idea to lock in lower life insurance premiums today.
If you have an established career, a home and a family, you might be thinking ahead to your children’s graduation parties, college expenses and even their wedding days. Life insurance would not only help your family maintain their standard of living if something were to happen to you and they lost your income, it would also help ensure funds are available to them for these important events in the future.
If you’re a mature adult, it might be time to give serious thought to an inheritance strategy for when you are no longer around. Do you want funds to go directly to your children, your grandchildren, or perhaps a favorite charity? Life insurance can provide you with peace of mind so you’ll know these proceeds will go exactly where you’d like them to go.