5 Reasons Young Families Need Life Insurance

A mother of three, in her thirties, is diagnosed with breast cancer; a three-year-old boy is diagnosed with juvenile rheumatoid arthritis; a twenty-eight-year-old woman is hit in the head while outside and suffers a concussion; a forty-two-year-old man visits his doctor for a yearly physical and is diagnosed with sleep apnea. These are scenarios which I have witnessed as clients consider applying for life insurance. In each instance, they have become uninsurable.

Many people have reasons for not purchasing life insurance today, and the reasons sound valid. Things like “I’m going to lose weight before I apply” or “I want to quit smoking first” are a couple of explanations I hear from individuals deciding not to apply right away. While these elements are criteria that will lower a monthly premium, they do not justify waiting to make sure loved ones are protected from unforeseen events. Statistics show that ten out of ten people will die. Because of that fact, I’d like to share some points on why families should purchase life insurance while they are young:

1. You just never know. While it’s not the most pleasant thing to ponder, an emergency situation could quickly put your family’s finances under water. In fact, nearly half of Americans don’t have enough savings to take care of a $400 emergency response.

2. The earlier you opt in, the more affordable it is. Because age is one of the factors that affects the cost of your premium, the younger you are when you purchase a policy, the less you’ll be paying each year.

3. It’s not as expensive as you think. If you’re on a budget and are convinced you can’t afford life insurance, consider term life insurance. It guarantees protection for a set amount of time.

4. It lets you concentrate on other goals. Once you have the peace of mind and financial protection that life insurance grants you, you may feel secure enough to fund long-term goals, like buying a home, saving for your nest egg, or going back to school.

5. You can always upgrade at a later date. Don’t let the fear of making the wrong decision deter you from purchasing a policy now. The policy you purchase today isn’t intended to be set in stone.

We know it’s not easy for young families to make their life insurance needs a priority, given all their competing financial obligations. However, life insurance is a vehicle for protection that is not only affordable, but can also help families save money in the long run.

To learn more about the information or topics discussed, please call at 505-252-0213 or MAnaya@ft.NYL.com.