Apr 25, 2020
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
You already spend a lot of time planning for your future, so why not add life insurance to your list?
If you're young and healthy, life insurance might seem like a waste of time and money. You've got other bills to pay, anyway.
Advertisement
But the truth is, locking in a low rate for a term life insurance policy while you're young could easily save you thousands of dollars.
Plus, getting a policy is incredibly easy. It takes just 90 seconds (we timed it) to shop your options through a company called Quotacy, where you can secure $1 million policies for as little as $25 a month.
Benefits of life insurance
Life insurance is important to ensure your loved ones are financially protected.
Let's back up really fast and talk about the benefits of life insurance.
Life insurance basically makes sure whoever you leave behind when you die can afford to pay for your funeral, hospital costs and any unpaid bills and monthly living expenses.
If you're married, or if you have children, it's probably obvious who would benefit from your life insurance policy. If you're single and you don't have children, think about who would have to pay for your funeral or who would have to settle co-signed debt like private student loans or a car loan (probably your parents).
In terms of how much coverage you'll need, personal finance experts typically suggest a policy that's 10 to 15 times your annual salary. It's easy to compare different policies and coverage ranges on Quotacy when you get your free quote.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Robert Kiyosaki begs investors not to miss this ‘explosion’ — says this 1 asset will surge 400% in a year
- Vanguard reveals what could be coming for U.S. stocks, and it’s raising alarm bells for retirees. Here’s why and how to protect yourself
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Why getting life insurance now can be smart
If you have anyone that depends on your income now, life insurance is incredibly important for protecting their financial future and way of life.
Advertisement
We've already established that you're young and healthy, right? Even if you don't think you need life insurance right this second, you'll definitely want life insurance at some point in the next 10 or 20 years.
But the thing about life insurance is that the price increases the older you get, since your risk of developing health issues increases. So, if you lock in a price right now for the next few decades, you could save thousands of dollars.
Want to see how little life insurance can cost you a month as a young and healthy person? We suggest getting a free (and completely anonymous) quote through Quotacy. It's quick, painless and there's no contact information required.
Once you find a policy that fits your needs, you can then choose to submit your contact information and finish up the process with a quick phone call from a Quotacy representative.
Now you'll have one less thing to worry about in the future — and you can save a ton of money in the process.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- This 20-year-old lotto winner refused $1M in cash and chose $1,000/week for life. Now she’s getting slammed for it. Which option would you pick?
- Warren Buffett used these 8 repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
The Moneywise Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Moneywise Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.
