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You may have heard the phrase, "age is just a number." But, when it comes to life insurance, age is the most important factor, and it favors you in many ways. As a young adult, getting life insurance may not be a priority. You may think, "Why pay unnecessary life insurance premiums at this point in your life." But the reality is, buying coverage ASAP is a good idea for several reasons.
If you are married with children, and your family relies on your income, you may have aging parents who rely on your care, or even a business partner. Even if you are not married with children but have children, you want to make sure that your children are taken care of if, God forbid, something should happen to you.
A common misconception about life insurance is that it is a permanent need for each family. Term life insurance pays out a death benefit when the policyholder passes away. At Primerica we see life insurance as a tool to "buy time" until you accumulate savings and not as a permanent fixture of your financial life. Term life insurance is generally much more affordable in the initial years to provide the right amount of coverage you really need for your family. If you have a family, you want to make sure that they are taken care of should you pass on, and should you not, you'll need to fund your family's biggest goals, like buying a home, paying for your kids' education, reducing debt, saving for retirement, etc. This is what makes life insurance a necessity for most people. Let’s look at a hypothetical example and a hypothetical family: John and Mary, both aged 23 and standard risk, originally had a cash value policy with:
We took their $145 savings and set them up in a retirement plan. We rolled their $20,000 IRA into a mutual fund and increased their monthly retirement plan contributions to $250 ($105 + $145 savings from cash value life insurance). at a 6% rate of return: they would have $372,800 at age 65 at a 9% rate of return: they would have $755,700 at age 65 Again, this is a hypothetical family and hypothetical nominal rates of return that is used to illustrate our products (Primerica Custom Advantage policy non-tobacco use). To get an actual estimate for your situation, I would be happy to do a Financial Needs Analysis (FNA) and an insurance quote to see what works for you. Typically, over the course of your working years, you could earn a "fortune," but how much of those earnings are you investing for the future? Do you know the right investments to make? Most people today don't have a financial game plan, and most people don't have a financial coach. If you are a sports fan, you know how important a good coach is to the team. It is just as important to have a financial coach, and that's what Primerica is to people all across the United States and Canada. So, with so much ahead of you—career, partner, children, home and everything else, now is the time to start protecting yourself and your family accordingly. I would love to be your Life Agent, show you what Primerica can do for you and help you achieve your goals. I am so sincere about not seeing another GoFundMe for a burial. To learn more about life insurance, contact me to discuss a plan that meets your needs now and in years to come. My mission is to help families become properly protected, debt-free, and financially independent. Schedule a consultation and let’s talk. https://calendly.com/angelinelwilliams
So, with so much ahead of you—career, partner, children, home and everything else, now is the time to start protecting yourself and your family accordingly. I would love to be your Life Agent, show you what Primerica can do for you and help you reach your goals. I am so sincere about not seeing another GoFundMe for a burial. To learn more about life insurance, contact me to discuss a plan that meets your needs now and in years to come. My mission is to help families become properly protected, debt free and financially independent. Schedule a consultation, let’s talk. Book a consultation today
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