Even if you're young and healthy now, you could still need a plan.
Many young, single people a-sume they don’t need life insurance. Unfortunately, this misconception is difficult to reconcile before it’s too late. After all, life insurance is one of those investments that you can’t exactly buy after you need it, and if you wait too long, it’s going to cost a lot more to get it.
The purpose of life insurance is to provide a safety net so your family or loved ones won’t struggle to pay bills or handle other financial responsibilities after you’re gone—but that doesn’t mean you don’t have to think about it until after you have a family. Here’s what you need to know about that and other myths about life insurance that are best ignored, and what facts to consider instead.
In fact, life insurance is for the living. It’s in the name, and sure, the central reason to get life insurance is to financially protect your loved ones in the event of your death. But many life insurance policies also have living benefits, which allow you to tap into your plan in the event you are diagnosed with a terminal or chronic illness. Another way you can benefit from your life insurance your plan while you’re still alive is through its cash value. Depending on your plan type, you may be able to build tax-deferred wealth through your policy, with the ability to make withdrawals from or take out loans against the value during your lifetime.
Life insurance costs will vary depending on your age, gender, health, and specific policy. Predictably, the younger and healthier you are, the less expensive life insurance will be. For example, a healthy 35-year-old can pay under $28 per month for a term life insurance policy with a $500,000 death benefit payout and a duration of 20 years, according to Policy Genius.
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