The average college students between the ages of 18–23 do not typically consider this question. However, starting life insurance at a younger age can provide significant financial advantages. Life Insurance for Young Adults explains that purchasing life insurance at a young age allows you to secure lower premiums and lock in affordable rates for the long term. This proactive step can help students build a foundation for financial stability.
Why Should a College Student Consider Life Insurance?
One of the biggest reasons to get a cash-value life insurance policy is that it’s like putting money in a safe place for future use. Almost all types of insurance require monthly premiums, but the younger you are, the lower your cost. As Life Insurance for Young Adults highlights, waiting until later in life can result in higher premiums as insurers factor in increased risks with age. Starting earlier ensures you benefit from affordability while building cash value.
Additionally, Cash Value Life Insurance explains that permanent life insurance policies provide more than just a death benefit. The cash value accumulates over time, earning interest and serving as a financial resource you can tap into for emergencies, large expenses, or even leisure activities like travel. It functions like a hybrid of savings and insurance, offering flexibility and security for college students as they navigate adulthood.
The Benefits of Starting Young
There are several benefits to securing life insurance at a young age. Cash Value Life Insurance highlights how cash value builds over time, enabling you to borrow against it for unexpected needs or long-term goals. Emergencies, medical expenses, or even future milestones like purchasing a home can be managed using these funds. The earlier you start, the more time your policy has to grow and compound, potentially allowing for an earlier and more secure retirement.
Final Thoughts
Investing in a life insurance policy at a young age sets the stage for a financially secure future. By choosing a cash-value life insurance policy, you’re not only protecting yourself and your loved ones but also creating a valuable financial asset for later in life. Take action today and secure a more relaxing and peaceful retirement.
Life Insurance Questions?
We hope that this information on, students having life insurance is useful to you.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage at (888) 539-1633 to speak to one of our Life and Annuity experts or leave a comment down below.
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This article was updated on 12/31/24.