bs-preloader__icon
ru kz en

Should young people buy life insurance?

Life insurance is popular among middle-aged and older Americans, but if a person doesn't have large student loans or mortgages, do they need life insurance? This question was asked by the editors of the CBS News website.
Should young people buy life insurance?

Financial advisors name three main benefits of buying life insurance at young age.

It's cheaper

Life insurance is almost always cheaper for younger applicants. With age, the likelihood of health problems increases, which makes insurance more risky. This risk is often reflected in higher monthly premiums. But if you buy a policy when you're young and healthy, you can save a lot of money.

This applies to term life insurance policies, full life insurance policies, and retirement annuities.

Variety of options

Life insurance amounts range from several hundred thousand to millions of dollars. The latest policies are more designed for young people. Older people can also purchase a similar policy, but the premium will be very high. If you buy a million dollar life insurance policy before age 30, the monthly premium will be less than $100.

Such a policy will include a number of options as poor health, job loss, and high profits.

Choice

Young people have time to completely change the terms of the life insurance contract. With decades of career ahead, a person can afford to develop the policy of life insurance. For example, you can convert a term insurance policy into retirement annuity or buy an investment insurance policy.

Source: https://www.cbsnews.com/news/is-life-insurance-worth-it-for-young-people/

Photos are from open sources.

Share
read also
Why is it profitable for Kazakhstanis to save up for life insurance?
Why is it profitable for Kazakhstanis to save up for life insurance?

The total life insurance premiums in the insurance market in 2021 doubled in comparis...

The retail deposit portfolio reduced by 280 billion tenge over the month
The retail deposit portfolio reduced by 280 billion tenge over the month

The portfolio of retail deposits shrank by 280.5 billion tenge in April, Ranking.kz r...

Why the National Bank does not reduce its base rate
Why the National Bank does not reduce its base rate

The base rate in Kazakhstan is 9%. The potential for its reduction is significantly l...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application