Just Graduated College? Why You Should Already be Considering Life Insurance

college-graduateThese past few months have been full of changes. I graduated college, turned 22, and moved to the city. I currently have a full time job, no dependents, and no health issues. In millennial terms you could say I am “hashtag blessed.”

So in a world where life expectancy is 78, why am I already considering life insurance?

Prior to my career in insurance, I never considered life insurance as a financial tool. I had always associated life policies with death claims. After speaking with an insurance expert, I quickly learned of the living benefits of life insurance. As the due date for my first student loan approaches, I’ve considered how many new bills I have acquired, how could adding another bill benefit me?

For starters, the younger you are, the lower the price will be to get insured. I am also in good health, so my premium would be lower than if I decided to get a policy later. Who knows if I will be able to say that in ten years? My health could change at any moment, making me unable to afford a policy. If I purchase now though, I could lock in my premium for a lifetime. After purchasing a policy, I could also examine the living benefits.

Permanent life insurance policies can accumulate cash value that can be used for life’s costly and unexpected events such as student loans, medical bills, or even a wedding. This cash value can be accessed using policy loans. This will reduce the death benefit and cash value, but if structured properly can avoid tax implications. So with some financial planning now, I could set up a financial building block for the future.

Considering life insurance as an investment? Contact a professional life insurance agent to determine your needs.
 


Blog written by:

12032736_10153646932438839_6895645040738528378_oAlexis Cochran
Marketing Representative
 
The newest member of our team and a recent graduate from University of Delaware.

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