The average life expectancy in the U.S. is 78 years. With the prospect of such longevity, it's not a surprise that many individuals in their 20s and 30s aren't concerned with purchasing a life insurance policy. However, choosing a plan in your early adult years offers many advantages. Here are three of the biggest benefits.
Why to Consider Purchasing Life Insurance When You're Young
1. Save Money
Insurance companies base policy rates based on the level of risk involved. When it comes to life coverage, younger policyholders typically score lower premiums because of their risk of death is lower. With whole-life plans, the initial rate is locked in for life. As a result, you could end up saving a substantial amount of money by purchasing a plan under the age of 40.
2. Protect Dependents
Around 47% of millennials are married, and about 49% have children. As such, nearly 50% of adults under 40 have someone that relies on their income. Upon death, your income disappears, which is likely to create a financial burden on your dependents. By purchasing a life insurance policy, you can ensure they have a monetary boost to help maintain their lifestyle. Work an insurance agent to determine the size of the plan needed to protect your loved ones.
3. Cover Debts
The average American has around $35,000 in student loans. Since loans typically take years to pay off, most graduates in their 20s and 30s are still in debt. With an insurance plan, you can set enough money aside to ensure your loans are paid off. This step prevents the balance from burdening any co-signers involved, like your parents or other family members.
Regardless of your age, protect your family's financial future with quality life insurance coverage from Quinn Agency, LLC in Meadville, PA. Since 1992, the family-owned and -operated agency has built a reputation across Crawford County for superior service. The team is committed to professionalism and providing a personalized, friendly approach to coverage selection. Learn more about their policy options online, and request a quote today at (814) 337-2766.