Life Insurance at an Early Age

By: Elisabeth - September 3, 2019 - 1:48 pm

Perhaps you’ve heard the maxim, “Preparation is the key to success.” But when it comes to life insurance, knowing when to prepare is almost more important than the preparation itself. 

Sure, it can be difficult to think about life insurance as early as your 20s, but life moves pretty fast sometimes. Before you know it, you’ll be in your 30s and possibly supporting a family. Even if you have a different life plan, taking care of those who matter most is always a wise move.

Many consumers believe they simply can’t afford life insurance on top of all the other bills they pay at an early age. Especially since surrendering your policy prematurely can lead to extra fees and potentially impact your income tax. That’s a valid concern! After all, you should never engage in any sort of financial venture beyond your means. 

But did you know the average cost of term life insurance for a 25-year-old is $22.83 per month?1 

Maybe life insurance at an early age isn’t as unrealistic as one would think. It’s important to remember, however, that this is an average rate, and the cost and availability of life insurance is influenced by factors like age, health, and the type and amount of insurance purchased. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

Insurance can be an intimidating topic, but it doesn’t have to be. We’d love to chat with you about your choices. Call today or email us via the Contact Us button below, and we’ll set up a time to talk. Even if right now isn’t the best time to purchase life insurance, discussing the future is a smart move.

Securities offered through 1st Global Capital Corp. Member FINRA, SIPC. Investment Advisory Services offered through 1st Global Advisors, Inc. Insurance services offered through 1st Global Insurance Services, Inc.

This material was prepared by MarketingPro, Inc. for use by Barrows Trostle Advisors, LLC.

Citations.

1 – valuepenguin.com/average-cost-life-insurance [7/17/19]