When it comes to something as important as life insurance, it is beneficial to purchase an insurance policy as early in life as possible. This will not just help you build a robust financial foundation but also benefit you in more than one ways, such as -
As you are young and healthy in your 20s, the premiums of your life insurance can be more economical. Try to know more about insurance, and you will see how factors like age, existing conditions, and lifestyle habits can increase the premiums. Purchase one now, and the premiums will be considerably lower than what you'd be required to pay 10-15 years down the line.
In the early 20s, you will most probably be unmarried and will have no child. In other words, you most likely do not have anyone dependent on your income. But what if you have an education loan? Parents generally sign as co-applicants of such loans. In case of your unexpected demise, the loan provider will expect your parents to repay your loan. With the help of life insurance, you can be rest assured that all such financial obligations can be taken care of in the event of death.
Future-Proof Your Life
While you are free of any major financial responsibilities in the 20s, you won't remain the same in the future. You will have a spouse, children, and ageing parents to take care of. With the rising cost of living, it is not difficult to imagine how challenging things can get for your family in case of your sudden demise. Purchasing life insurance in your 20s can be a huge step towards providing financial protection to your family.
Protection against Medical Expenses
Many of the insurance policies come with riders or add-ons such as surgical care, hospital care, disability cover, and critical illness. If you suffer from a critical medical condition in the future or get involved in an accident, these add-ons can help you manage the high medical expenses.
With the reasons mentioned above, it is quite clear that investing in a good life insurance plan while you are in your 20s could be a smart choice. Look for a reputed insurance provider and browse through the available options to get cheaper life insurance with maximum benefits.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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