Am I Too Young to Buy Life Insurance?

Yes, Gen Z…you should have life insurance

There is a common misconception that life insurance is for older people who are more likely to get sick, hurt or die. While that all may be true, what that really means is that older people, and their beneficiaries, are more likely to access the benefits provided by a life insurance policy, but it doesn’t mean that they are the only age group who should have life insurance protection.

When it PAYS to be young

The younger, and healthier, you are when you purchase your life insurance protection, the less your policy will cost. That’s because you at a lesser risk of illness, injury or death. So, you may be thinking, if I’m young and healthy then I don’t need life insurance but being young and healthy also means that it is easier for you to qualify for life insurance, and you will most likely pay a lower premium for your coverage than older generations. Plus, and this is really the best part, with many policies, you can lock in those lower premiums for life!

Where to start

A google search to learn about the different forms of life insurance is a great place to start. You might also want to try one of the many Life Insurance Calculators available online, like My Insurance View from ivari. These calculators can help you understand the difference in premium payments if you apply for insurance today vs ten years from now. Of course, that’s assuming your health and other factors remain the same.

And once you’re ready, ask your parents, friends, or colleagues for a referral to an independent financial advisor who can help you determine the best insurance protection option for you.