Many people assume life insurance is something to think about later in life — after marriage, kids, or retirement. But in reality, buying life insurance earlier can be one of the smartest financial decisions you make.
Why consider life insurance in your 20s or 30s?
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Lower premiums: The younger and healthier you are, the cheaper your monthly cost. Locking in a policy early saves you money long-term.
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Financial security for loved ones: If you have student loans, a mortgage, or people who depend on you, a life insurance policy can provide critical support if the unexpected happens.
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Debt protection: Life insurance can help cover your debts so your family isn’t burdened.
Term vs. whole life insurance
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Term life is temporary coverage (10, 20, or 30 years) and usually more affordable.
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Whole life provides lifetime coverage and builds cash value, but it costs more.
Even if you’re single with no kids, life insurance can be a foundation for long-term planning — and an act of care for those you might leave behind.