3 Reasons Why Singles Need Life Insurance in their 20s

Mar 15, 2018 | 9 months ago | Read Time: 2 minutes | By iKnowledge Team

Most people in their 20s think that they don’t need life insurance, here’s giving them enough reasons to think otherwise.

When you are young, you think you are invincible, but what if something unfortunate were to ever happen to you. Who would take care of your loved ones then? If you think that only married people with a family should opt for a life insurance, then you should think again.

Life is filled with uncertainties and it is best to be prepared. Life insurance is a great investment that readies you for life’s contingencies. From creating a safety blanket to the tax saving benefits that it offers to grow your hard-earned money, life insurance is your financial friend indeed!

Reason 1: Safeguard yourself

Singles too need a life insurance to safeguard themselves in unpredictable moments. Another great reason for taking a life insurance policy when you are young, and single is because it is affordable in terms of the premium amount. Why does an insurance company charge you a lower premium when you are young? Well, when you are young, the risk of you falling ill or being no more is considerably low, which is why the insurance company can afford to safeguard you at a lower premium.

Reason 2: When you have a bank loan

Do you have a student loan? If yes, then you must get yourself a life insurance policy. You never know what can happen, and it is best to not let your family bear the burden of paying back your loans, if something unfortunate were to ever happen to you. Use Aegon Life’s human life value calculator to assess the life cover you will need to safeguard your life. Your life insurance will act like a shield in unforeseen situations when you can’t repay the amount of your student loan and it will provide for your loved ones as well.

Reason 3: An additional helping hand

When you are single, you may either contribute towards the household expenses or may even be the sole earner in the family. As the breadwinner of the family, you feel the necessity to protect your family. You want them to live life to the fullest, even if you are not around. If your income ceases to come in every month, then your loved ones may have to bear a major financial hit as well. All of this can be avoided if you get yourself insured under a term life insurance plan.

Conclusion

Whether you are single or married, invest early for a better tomorrow and live life with a calm sense of security. By buying a life insurance plan early to safeguard yourself, you are also securing your loved ones’ finances and planning for them to live a comfortable life even after you.


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