As you start your life, it may be hard for you to consider your future especially if your priorities are mostly gadgets, vacations and dining out. However, as an adult entering my prime years, this is my big mistake as all of us get old.
Here are some reasons and some of my lessons I learned why you need to start early:
Cheaper premium
When you are young, you mostly have less health complication such as heart problems or diabetes. You can lock in lower rates when you are young. You can't compare buying life insurance when you are in your 20's or 30's.
2. Easy Approval
When you are young, some may even give you "no medical policy" as long as you are healthy. When you realize that you need insurance, some people are too late and too many complication which may give them a hard time to get an approval.
3. Some insurance have investment which can pay for itself in the future.
Some insurance are linked to investments which helps you pay for your premium. Some for 5 ,10 or 15 years depends on your financial goal and protections such as critical illnesses, special riders etc.
4. Helps you build credit
As you build your portfolio, you increase your credit standing as well. You increase your cash value, you can borrow against it. The younger you get your policy, more time your policy will increase its value.
5. Protecting your love ones and your future.
Definitely you will go to the position when you will need it. So why not start early and retire early as well. The younger you finish all your basic financial obligations, the younger it takes for you to reach retirement.
To learn more about Life Insurance products and services, contact our Licensed Financial Advisor to help you discuss the right plan for you and prepare you in years to come.
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