Is Life Insurance For 25 Year Old Male Necessary?
Life insurance helps in sustaining your family in case of your sudden demise. So, what about a 25 year old male? At 25, a majority of people are not married and do not have to support a family. Most of them have just begun their careers and look forward to scaling great heights. At this young age, when chances of death are very low, is purchasing a life insurance policy worth it? Is life insurance for a 25 year old male nothing more than unnecessary caution? If your answer to these questions is "yes", you need to read on further.
Somebody has to bear the expenses you leave
Nobody expects a 25 year old to die unless you suffer from serious health conditions. Nevertheless, you cannot discard the risk of accidental death. So, in the unfortunate case of your death, who will bear the expenses you leave behind? Funerals cost around $10,000. You might have borrowed a student loan for your education. You might have just bought a car on loan. You death does not cancel out these outstanding loans. Somebody, almost always your family, has to pay. If you have insurance, you help a lot of people avoid such monetary burdens.
Men's life insurance at 25 years of age is cost effective
You might be able to convince yourself about not needing insurance. However, a few years down the line, when you marry and have children, life insurance becomes mandatory. So, you begin to look for cost effective insurance plans. When you compare costs quoted by different providers, you notice that you could have saved a good lot of money had you purchased a policy in your twenties.
If you buy in your twenties, you get to pay less than $15 per month on the purchase a $250,000 policy. So, annually, you pay just $180. In forties, this cost increases up to $300 per year. By buying a level term life policy that charges level premiums through the policy term, you can save a good deal of money if you buy life coverage as early as possible.
You find policies more easily
Buying insurance in twenties is a good thing because you get a lot of choice for purchasing cheap policies that offer good coverage. If you are a non-smoker, the cost of premiums reduces even further. Life cover policies consider you to be a safe bet because you are young. So, you can buy a long term policy and enjoy low premiums for decades.
You lose parental life insurance cover
Twenty five is the age when you are not covered under your parents' life insurance policy. Even if your parents want to extend their coverage to include you, insurers either do not accept such requests or they increase the premiums. When you buy a policy of your own, you save money for your parents and get good coverage.
Better options in the future
Buying insurance makes it very easy for you to extend your coverage amount in the future. If you want to covert to whole life policy later in life, you can do it more easily. Also, if you develop health problems such as diabetes or hypertension, being already covered by a policy can be a huge advantage.
So, do not procrastinate. Life insurance for a 25 year old man is a great idea.
Andy L Billy was born in Houston, TX. He studied English Literature at Trinity University. He currently works as an insurance agent for a well known Insurance company. Visit his blog http://www.beyondquotes.com/blog/ to know more about term life insurance.
Article Source: http://EzineArticles.com/?expert=Andy_L_Billy
Article Source: http://EzineArticles.com/7716230
Life insurance helps in sustaining your family in case of your sudden demise. So, what about a 25 year old male? At 25, a majority of people are not married and do not have to support a family. Most of them have just begun their careers and look forward to scaling great heights. At this young age, when chances of death are very low, is purchasing a life insurance policy worth it? Is life insurance for a 25 year old male nothing more than unnecessary caution? If your answer to these questions is "yes", you need to read on further.
Somebody has to bear the expenses you leave
Nobody expects a 25 year old to die unless you suffer from serious health conditions. Nevertheless, you cannot discard the risk of accidental death. So, in the unfortunate case of your death, who will bear the expenses you leave behind? Funerals cost around $10,000. You might have borrowed a student loan for your education. You might have just bought a car on loan. You death does not cancel out these outstanding loans. Somebody, almost always your family, has to pay. If you have insurance, you help a lot of people avoid such monetary burdens.
Men's life insurance at 25 years of age is cost effective
You might be able to convince yourself about not needing insurance. However, a few years down the line, when you marry and have children, life insurance becomes mandatory. So, you begin to look for cost effective insurance plans. When you compare costs quoted by different providers, you notice that you could have saved a good lot of money had you purchased a policy in your twenties.
If you buy in your twenties, you get to pay less than $15 per month on the purchase a $250,000 policy. So, annually, you pay just $180. In forties, this cost increases up to $300 per year. By buying a level term life policy that charges level premiums through the policy term, you can save a good deal of money if you buy life coverage as early as possible.
You find policies more easily
Buying insurance in twenties is a good thing because you get a lot of choice for purchasing cheap policies that offer good coverage. If you are a non-smoker, the cost of premiums reduces even further. Life cover policies consider you to be a safe bet because you are young. So, you can buy a long term policy and enjoy low premiums for decades.
You lose parental life insurance cover
Twenty five is the age when you are not covered under your parents' life insurance policy. Even if your parents want to extend their coverage to include you, insurers either do not accept such requests or they increase the premiums. When you buy a policy of your own, you save money for your parents and get good coverage.
Better options in the future
Buying insurance makes it very easy for you to extend your coverage amount in the future. If you want to covert to whole life policy later in life, you can do it more easily. Also, if you develop health problems such as diabetes or hypertension, being already covered by a policy can be a huge advantage.
So, do not procrastinate. Life insurance for a 25 year old man is a great idea.
Andy L Billy was born in Houston, TX. He studied English Literature at Trinity University. He currently works as an insurance agent for a well known Insurance company. Visit his blog http://www.beyondquotes.com/blog/ to know more about term life insurance.
Article Source: http://EzineArticles.com/?expert=Andy_L_Billy
Article Source: http://EzineArticles.com/7716230
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