As a Millennial, you may place life insurance far down on your list of priorities. However, there are many good reasons to invest in life insurance from The Shay Agency in Wilkes-Barre, PA while you are still young. Here are just a few.
Reduced Cost
Age and health are important factors in determining life insurance costs. By obtaining a policy while you’re young and healthy, you can save substantially on premium costs. Young and healthy people pose less of a risk for insurers, enabling them to obtain coverage at reduced prices. If you’re a non-smoker and have no preexisting health problems, you’ll fare even better on premium costs.
Provides Income for Loved Ones after You’re Gone
If you’re married, life insurance benefits can provide much needed income for your family if you unexpectedly pass on. These benefits can help your spouse and children carry on as they make plans for their future. If you’re single, benefits can provide financial assistance to aging parents, siblings, or nieces and nephews after you’re gone.
Eliminates Debt
Life insurance benefits can help eradicate outstanding debts such as student loans, a car loan, credit card debts, or a mortgage. This leaves your spouse, parents or other relatives off the hook in fulfilling these financial obligations.
Covers Funeral Costs
Benefits can even be used to cover the cost of your funeral, relieving loved ones of this unexpected burden.
Extra savings
A whole life insurance policy from The Shay Agency can provide you with extra savings as its cash value grows over time. Whole life policies protect you until you die, accumulating tax-free savings all the while. You can borrow against this policy to obtain extra cash when you need it most later down the line.
Contact us at The Shay Agency in Wilkes-Barre, PA, to learn more about life insurance options and costs.