Buy Life Insurance At A Young Age
Most advisors suggest that decision to take life insurance should be taken early in life
. So, if you have liabilities like loans etc. To be repaid or you have dependents on you be it your spouse and kids or your parents, life insurance should ideally be the first thing on your priority list.
Buying insurance at an early age is beneficial in more ways than one.
You are healthier
For buying life insurance, you need to fill up complete medical questioner about your health, family health history and any accidents or illnesses that you may have had in past. You also have to undergo a medical examination. Generally termed as medical underwriting, it is an important factor in determining your life insurance premium. This is because insurance is based on risk. Young in age, you are healthier, medical risk to life is considerably less. This allows you better chances of reduced premiums.
Premium grows with age
As you grow, risk to life grows, and there are more chances of acquiring lifestyle related illnesses. Keeping that in mind, even for a healthy person, the premium of insurance is set higher in upper age brackets by the insurance company. If you have a family history of certain diseases, there are more chances of you getting those after a later age. Insurance companies calculate this risk as well while calculating the premium.
Debts and liabilities are more
At a young age, when you are just starting off in life, you have financial burden of setting up your home, you have just bought a new house you are expecting added expenditure for the childs education. Debts and liabilities are maximum at this stage. Although buying life insurance adds to this financial burden, it protects you and your family from future discomforts in case of an eventuality.
Unexpectedness of life
you are young, you dont have any serious health risks and you can take good care of your liabilities but in case of sudden unexpected death, all your debs and liabilities are passed on to your dependents who were least prepared to handle them. With a life insurance policy in place, you will have peace of mind for responsibilities well taken care of.
By buying
life insurance early in life, you are securing the life of your dependents. Moreover when you buy life cover early, you can avail maximum age limit available for the coverage at much lower rates. Buying life insurance early will cover your life for the most crucial part. Though when the policy term expires, buying new policy may become very expensive. At the same time, you may have met all your requirements by then and not need that much cover.
The only apparent drawback for taking early insurance is the financial pressure that you may feel along with other pressing financial requirement. Consider this as important as other investments and requirements as this the only thing that is going to protect your family in your absence.
by: SjoerdN
You Can Compare Army Life Insurance And Can Get Best Insurance Wildlife Tour India- Ebullient And Amazing Experience Term Life Insurance: Pros And Cons Remembering The Point Of Life Insurance Hawaii Lifestyle North Carolina No Fee Loans Enjoy Your Life Without Any Financial Difficulty And Hassle Term Life Insurance Quotes - How to Compare Them Learn Martial Arts And Enjoy Your Life In A Much Better And Healthier Way Is Life Coaching For Women Right For You? The Process Of Getting Life Insurance Quotes Term Life Insurance - Benefits For Business Owners Does One Have To Have A Life Insurance Broker To Seek Out Affordable Coverage? Bring Your Creative Landscaping Designs to Life With an Experienced Houston Landscaper