Posted on January 23, 2016
Young adults in their 20’s and 30’s share some of the same characteristics: healthy, young, single, no children, and a feeling of invincibility. These characteristics can make purchasing life insurance unimaginable, but, they also may make for the best conditions under which to purchase. There are reasons to purchase life insurance while you are young.
The Future Ahead
Do you have plans to marry and start a family? The most advantageous time to purchase life insurance is when you’re young and healthy. If you wait to purchase life insurance, you may develop health conditions that may increase your premiums or disqualify you from being eligible.
Parent Co-Signed on Student Loans
Did you have a parent or other family member co-sign on a privately held student loan? Did you know that if you were to pass away with an outstanding loan balance, the co-signer is responsible for the balance? Life insurance can help the co-signer pay off your remaining student loan debt should you die before fully repaying your debt. Term life insurance can cover you for the repayment period at a very affordable cost.
Covering Debt and Burial Expenses
If you were to pass away, your burial expenses would have to be paid. Life insurance is often used to provide money for burial expenses to your beneficiaries. Should the unexpected happen, life insurance may lessen the financial and emotional stress your loved ones experience.
In certain situations, purchasing life insurance while you are young and healthy can be one of the best financial decisions you make.
Contact your Ohio National Financial Professional today to get started.