The Benefits of Whole Life Insurance for the Younger Set

By Compuquotes Team on August 28th, 2008

There are many misconceptions about the various types of life insurance that exist. The complex language that is often used in describing life insurance has a lot to do with the confusion that many people have about life insurance.

Take whole life insurance for example. Many younger people don't realize how beneficial whole life insurance can be to them simply because of their age. Many of them are equally unaware of the other benefits of whole life insurance.

How can you benefit from buying whole life insurance at a younger age? First you need to know that 'whole life' means that the coverage provided by your plan continues even as you reach retirement age and beyond, as long as you always pay your plan premiums on time. But because you are younger, the costs of your life insurance will be stretched out over more years, reducing the annual costs of your premiums. Your whole life insurance accrues interest yearly, adding to its value. It is easy to surmise then that having the added years of youth on your side-will permit the value of your insurance policy to grow more than it would if you bought it at age 60 or later.

Hopefully because you are younger you are still relatively healthy and won't have to worry about possible health problems for many years yet. You may be aware of potential health risks you may face as you get older because of a family history with certain diseases and health issues. But it is impossible to predict exactly what our health will be like 10, 15, or 20 years on down the road from now. What you don't want is to find yourself older, less-insurable, and faced with paying for medical expenses with your retirement nest egg.

Whole life insurance protects you from the expenses of unforeseen future health problems that could otherwise consume your retirement money at a time when you should be free to enjoy the fruits of your many years of labor. Whole life insurance also has the protection of a guaranteed benefit to be paid upon your death. When we are young, we often don't like to think about our own mortality. But none of us knows for sure how long we will be on this earth. Being financially prepared for when our time here comes to an end: liberates us to freely enjoy life ahead, without the worries about rising funeral and burial costs, and our desires to leave behind a financial gift for our loved ones. .

You may have been led to believe that because whole life insurance offers comprehensive coverage and lifetime benefits, that it isn't an affordable option for the younger set, and especially for those raising families. This is not true however. With our present economy as it is, many people are struggling just to stay afloat. So you may be asking yourself if it makes any sense to go the expense of buying whole life insurance during these tough economic times. This is a valid concern. But consider the greater financial hardships your family could be faced with if something were to happen to you. How would they be taken care of in your absence? Protect them and give yourself the reassurance of that protection for your loved ones with whole life insurance.

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