Life Insurance for the Young and Healthy

By Compuquotes Team on March 26th, 2008

You're 21, healthy as a horse, and thinking about next semester at college or maybe about that party coming up this weekend. Life is all about today and maybe the next day, but looking into the future (beyond choosing a major, maybe) just feels like looking too far. This is probably what life insurance companies count on when it comes to whole life insurance. Why? Because your twenties (or even younger!) is the best time to get a whole life insurance policy.

Why do I need life insurance?
You may not believe this, but you are going to get older. One day you will be middle aged and maybe married, perhaps with kids. When that day arrives, you will be thinking about life insurance for yourself and your spouse to protect your children from the burden of the funeral costs and to give them a little financial wiggle room should something happen to you. It is then that you will look back on your roaring twenties and curse the fact that no one ever told you how much cheaper insurance is when you are young and at the peak of health.

That's right, insurance rates are cheaper when you are very young and healthy. Gerber knows this, and started a life insurance company based around insuring young children (from two weeks to fourteen years old) for life. These kids will be paying as little as a dollar a month for their entire lives for their life insurance policies. For someone in his or her twenties, the cost is significantly lower than for someone who is beginning to hit the halfway point in their life, and who is beginning to have the same blood pressure problems as their parents.

Life insurance protects your family and friends. Whoever has to pick up the burden of your funeral will be paying thousands of dollars just to get you to your final resting place with a semblance of dignity. While it is unlikely that you will need to deal with that eventuality anytime soon, isn't it best to be protected so that your parents or friends are likewise protected?

Also, the cost of a new policy will only increase as you get older. A whole life insurance policy with a fixed rate, however, will cost you the same thing every month from the day of inception, meaning that you could be ninety and still paying the rates that you paid as a healthy twenty year-old so long as you never let the policy lapse. Doesn't that sound a lot better than scrambling to find acceptable rates when you get older?

Whole life insurance carries with you throughout your entire life, and the younger and healthier you are when you get it, the cheaper it will be. You may rather gamble on getting it closer to when you think you will need it, but is saving a potential few dollars worth the risk to your loved ones? Protect yourself now, and you will not have to worry about it again.

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