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There are several benefits of buying life insurance at a younger age, starting in your 20s and 30s. But first, why would you even want or need life insurance now? The answer is pretty simple.
Buying life insurance when you are young not only offers you the benefit of access to lower premium rates, it can also make the application process easier because people are typically healthier when they’re young. In addition, having life insurance can give you the peace of mind of knowing you have prepared for the unexpected.
$100,000 of coverage for $5.75 per month*
You might think you can’t afford life insurance because you already have credit card bills, student loans and other monthly payments, but life insurance can be budget-friendly. For example, $100,000 of coverage with our most popular life insurance plan, 15 Year Group Level Term, starts at $5.75 per month.*
Your monthly rate can differ depending on the type of life insurance plan you choose, and the amount of coverage you want. Term life insurance provides coverage for a specific time or term. If you die during this term, your beneficiary/beneficiaries will receive a cash payout for the amount of coverage you select. Generally, Term life insurance is less expensive than Whole life coverage. Premiums can increase periodically or stay level for the duration of the term policy, depending on your plan.
Whole life insurance costs more than Term life insurance because coverage lasts your entire lifetime and premiums are guaranteed. Whole life premiums are based on your age when you apply and remain level throughout your life, making it a great option for younger people. Whole life policies also accumulate cash value and you have the option to borrow against it in the future.
Find more information on the different types of insurance USBA has to offer here.
*Example premium for a 24-year-old Female on a Preferred Rate plan.
USBA is a not-for-profit Association that provides budget-friendly life insurance, health insurance supplements and other products and services for military personnel, Federal employees, National Guard and Reserve members, Veterans and their families.