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Anthony Lancaster Insurance, Inc Blog

I’m only 20. Do I need life insurance?

Many young people believe that life insurance is for older people. Logically speaking, many young people feel that the absence of a family and significant assets make life insurance unnecessary. However, even as a young person, life insurance could benefit you. Our team at Anthony Lancaster Insurance Inc in Memphis, TN is committed to helping young people explore life insurance.

What is Life Insurance?

A life insurance policy is a legal contract between you and an insurance company that pays a beneficiary a set amount of money in the event of your death. However, some life insurance policies pay the beneficiary if you become terminally ill or critically ill. You choose a beneficiary, the person who will receive payment, and this person is paid if/when you die. 

How Can Life Insurance Benefit Young People?

As a young person, one benefit of life insurance is less expensive premiums. If you get life insurance at a young age you have the ability to lock in good rates. Also, if you’re someone who hopes to have a family one day, life insurance can create peace of mind. Knowing that your family will be financially taken care of can be a practical way to put your mind at ease.  If you wait until you’re older to invest in life insurance, your health may have declined, making it more challenging to get a good premium from a life insurance company. 

Give Us A Call

Conversely, if you have no interest in having a family and don’t plan on acquiring significant assets, you may opt to forego life insurance. Our team at Anthony Lancaster Insurance Inc can discuss your future plans and goals to help you determine if life insurance would be a wise investment for you. We are here to answer any questions our young Memphis, TN clients may have regarding life insurance. 

Other areas that deserve consideration are your present and future financial obligations. Even if you don’t plan on marrying or having a family, you should still consider your financial obligations. If you have significant financial obligations or anticipate having some later in life, life insurance may be a good investment. Call us if you have any questions about life insurance.

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