You should consider life insurance if:

• Someone would inherit your debt.
• You’re married or have a partner that would rely on your income. OR you are planning to have a family one day.
• You have children that depend on your income and would rely on you to help cover college costs or provide support for a disability.
• Your funeral would be a financial burden for your family. FYI: funerals are PRICEY (think 10s of thousands of dollars.
• If you own a business and your business partners and/or employees also depend on you.

Benefits of Getting Life Insurance At a Younger Age 

If you’re less likely to die, life insurance will be cheaper. If you’re more likely to die, life insurance will be more expensive. So lock it in NOW while it’s cheap! And guess what happens when you’re old and grey… it’s still cheap! Because you locked it in early! 

Even if you can’t afford a permanent or whole life insurance policy (which are the more expensive option of the types of policies), most 20-somethings can receive great term policies (the other type) for very low costs.

You could get up to $200,000 or $300,000 in coverage for just $15 to $20 a month in some cases. Some term policies can last for 20, 30, or 40 years so you could be covered throughout your entire working life.

Another great reason to get life insurance when you’re young is this: the permanent kind of life insurance offers the chance to accumulate cash value that builds for decades and can amount to thousands of dollars in future tax-free income! All about that tax-free cash money!

As money is paid into the policy, a percentage of the premiums is kept in the policy and accumulates interest. This money can actually be accessed later to pay for other life events such as weddings, home purchases, education, and even vacations! 

• Do you need life insurance?
• Life Legacy