Posted: 12 Jan '16
Why You Should Get Life Insurance While You are Young
If you're in your 20s - and especially if you're single with no children or dependents - you may think that life insurance isn't something you need to worry about. However, more and more people are realizing the benefits of buying life insurance at an early age, from saving money to supporting aging parents. Below are a few great reasons to purchase life insurance in Edmonton, Alberta while you're young.
In general, the younger you are, the cheaper life insurance is. By investing in life insurance in Edmonton, Alberta when you're young, you can save thousands of dollars in premiums over the life of your plan. Your premiums are locked in, and your coverage is based on your health when your purchased the plan. This can pay off immensely if your health suddenly takes a turn for the worse.
Support Your Loved Ones
If you have dependents or loved ones who rely on you, it's extremely important to provide support for them. This is particularly important if you have outstanding debts, such as a student loan or a mortgage, that your parents or relatives have co-signed for. If something happens to you, your loved ones could be left struggling under a mountain of debt. A life insurance policy that provides coverage for your mortgage or student loans can help protect your loved ones from potential financial burdens.
Protect Your Future Health (And Wallet)
While it may seem counter-intuitive, the best time to buy life insurance in Edmonton, Alberta is when you're young, strong, and in good health. Healthy people are considered less of a risk, and are thus able to secure greater coverage at lower premiums. For many people, the ideal time to purchase life insurance is in their 20s, while they have no dependents. Chronic conditions like high cholesterol and blood pressure can start to appear after the age of 30, driving up life insurance costs permanently.