But I have coverage through my Work? I don’t need Life Insurance! Yes do need life insurance in your 20’s!
Not a good motto to live by. Employer sponsored life insurance is great for some additional cash to your beneficiaries if you meet your maker..
That’s a big IF for many reasons because employer sponsored life insurance is essentially useless in most circumstances unless you like living on the edge or at bare minimums. Employer sponsored life insurance can be comparable to carrying liability only on your vehicle insurance.
A reason exists as to why you have to carry full coverage on a vehicle that still carries an outstanding loan. It’s just not enough to coverage to really do much of anything. Same goes for employer sponsored life insurance….
Not getting a whole lot here.
It’s not locking you into any guaranteed rates and you rarely have any control over the policy. Your employer can choose to terminate coverage at any time and in almost all circumstances, it’s rarely portable.
If it is portable, it’s usually not at very favorable life insurance rates. Experts and agents should always recommend you have a private individual policy completely unrelated to your work sponsored coverage.
Don’t fall into the trap we see so often of people taking advantage of this coverage for most of their careers only to find out they are either leaving without the coverage or will end up paying a large premium dollar to continue the coverage at small death benefit amounts.
I have medical conditions; these rates won’t apply to me! Don’t let these conditions impact life insurance in your 20’s! No Excuses!
Having medical conditions can cause issues gaining life insurance coverage. Your also probably not going to fit the rates of what we have displayed for your age group.
Sorry for that, it’s just difficult to display accurate rates for many health conditions. However, we do help and specialize in with high risk medical conditions as well.
What’s the good news?
Coverage is still doable, it just takes an agent who understands underwriting and an agent who will put in a little extra work on your behalf. If you have pre-existing medical conditions, talk to someone at Good Life Protection, we will do everything we can to ensure we get you covered at the best possible price.
Age is Very Important with Life Insurance.
You could be a marathon runner or an Olympic gold medalist which will probably allow you to achieve preferred rates or a very favorable health class. You can also always choose your coverage amount.
One factor you can’t control if you wait too long is the price difference of getting older. Age makes a big difference with life insurance. Maybe not so much in your 20’s but it will come around to get you sooner or later. You should always consider getting life insurance when protection is needed.
Just because you may not need a lot of coverage right this second doesn’t mean you won’t very soon. Don’t undercut coverage if it’s affordable.
Example- 27-Year-old calls and secures coverage for 100,000.00 at preferred rates at 17.00 per month on a 20-year level premium term policy.
3 years later he purchases his first home, has his first child and is newly married. His wife currently doesn’t work and this individual makes roughly 75,000.00 per year.
100,000.00? It’s not going to do much and now all the sudden your old policy needs to be replaced or have a supplement policy added to it….
Your three years older and the rates are going to be inflated accordingly.
Some would argue that this isn’t a huge deal but if you could have just locked up more coverage a few years prior for a lower cost over the next 15-20 years…. most would think that would have been the wiser financial decision.
To Sum Things Up
Life insurance in your 20’s can be scary and we get it.
Most of the time, life insurance in your 20’s will be extremely cheap. Jump on the opportunity.
Our goal was to provide you some accurate life insurance rates for those of you just finishing your college degree all the way to those getting married and purchasing their first home or beginning a family.
You have several options at this age. All the options we covered could be a good choice. Speak to someone at Good Life Protection to narrow down your search even further. Weigh your options carefully and with an independent agency who can provide you with the best possible rates.
Life insurance is a product that goes by the famous quote “The Sooner the Better”. Lock in your rates while young and healthy. Most would assume you are only reading this because you have people you care about. You should always ensure you are leaving adequate coverage to protect the ones your ones you love the most.
If you need help determining how much life insurance coverage you really need, give us a call today. We promise to keep things simple. May the best prices win!
Did you enjoy life insurance in your 20’s? We would love to hear from you. Comment below.