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February 24, 2014

25 and Under? 5 Reasons To Start Considering Life Insurance

If you’re like most people under 25, you think you need life insurance as much as you need dentures or adult diapers. Why would a person with his whole life ahead of him invest in something that only takes effect after it isn’t? On the surface, it seems a little absurd, but there are a few extremely compelling reasons for any young adult to at least consider a policy (visit Suncorp to find out more).

It’s cheap

Life insurance policies for young people offer extremely competitive rates. You may be able to get a comprehensive whole life policy for a fraction of the cost of someone just 5 or 10 years older, and the rates never increase. For the cost of possibly one less pizza per month now, you could save hundreds per year later. That’s a lot of extra toppings if you’re willing to wait a while for them.

You’re at your best

Life insurance may seem like it’s only for dead people, but that couldn’t be further from the truth. In fact, the further you are from a payout, the more receptive a provider is to issuing you a policy. As a vibrant young adult without as much as a gray hair, you’re in the best condition you’re ever going to be in, and that means insurance companies will jump at the chance to offer you special rates and options.

They can’t take it back

That’s right, once you’re covered, you’re covered. Once a life insurance policy is established, the only thing that can typically invalidate it is lying on your application. No matter if you later develop an incapacitating disease, a crippling heroin habit or a fondness for hiking active volcanoes, your coverage is guaranteed.

It’s worth something

Some policy types allow policyholders to borrow money from the cash value of the policy for personal use. Although it is not a preferred source of funding, it could certainly come in handy in an emergency, like suddenly getting fired and having no way to pay your rent or ending up in gambling debt to the underworld.

You won’t always be under 25


The fact is that there is no better time to buy life insurance than before you need it. Although you may live the cavalier and carefree life of a twentysomething now, in just a few short years the majority of people gain spouses, children and others they have to think about besides themselves occasionally. These people will depend on you to help support them, and should the unexpected occur, they will be protected because of your foresight. It might not mean much now, but one day it may mean everything.

Sponsored by Suncorp Insurance 

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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Item Reviewed: 25 and Under? 5 Reasons To Start Considering Life Insurance Rating: 5 Reviewed By: EconMatters