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life insurance in your 20s

Why Should You Get Life Insurance in Your 20s?

For most people in their early 20’s through early 30’s, life insurance doesn’t appear to be a priority because their young and may not have the responsibilities of a family yet. You might wonder why you need coverage, who will benefit from it, and how much it will cost. 

Here’s why getting life insurance coverage now while you are young is a wise financial decision.

Premium rates are based on the health and age of the applicant at the time of applying.

Getting life insurance coverage when you are young and healthy can be much more affordable. Insurers know the younger you are, the less of a risk you are for them, which means cheaper rates for you. Getting coverage before an unexpected health change occurs can be beneficial. Insurers also base the premiums on answers you give on the health questionnaire. These answers help insurers determine the probability that you’ll stay well.

Life insurance gets more expensive as you get older.

Your expenses will grow as you get older and move forward in your life. Your budget will have to change based on where you live and buy a home, especially if you decide to get married and start a family. Your life insurance policy should also grow to reflect these changes. By taking advantage of lower premiums when you’re younger, you’ll be saving money on insurance costs later.

You may obtain more money in term insurance while you are young.

As the name suggests, term insurance is life insurance that provides coverage for a specified time at a fixed rate that will remain the same across the policy’s life. Generally speaking, term policies tend to be more affordable than whole life insurance policies, delivering more bang for your buck.

The primary purpose of life insurance is to protect your income and those who depend on it. As life continues to change and grow, it’s essential to make sure you’re covered every step of the way. Early on, having life insurance in place can set you up for more significant savings and better financial protection down the road.

Cosmo Insurance Agency can help you shop around and know what options are best for you. Give us a call today to speak with a health insurance representative.

Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.