7 smart reasons to buy Life Insurance in your 30s

Maybe you’re just about to turn 30, or maybe your 40s are, well, sooner than you ever thought possible. Whatever the case, if you haven’t bought life insurance, there’s no time like the present. Buying life insurance in your 30s is often one of the most practical, impactful and affordable times to secure coverage. (And, it’s not a coincidence that the average Haven Term customer is in his or her mid-30s.) Here are five smart reasons to do it, followed by some tips for what kind of insurance and coverage you might need. Trust us, your forty-year-old self will thank you for not putting this off. 

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• #1: You have a family now
• #2 You make more money now
• #3 You might owe some money, too
• #4 You might save money by getting life insurance now
• #5 To avoid medical hurdles in the future
• #6: To protect your business
• #7: To get it over with

#1: You have a family now

In your 30s, you might find yourself buying a house, getting married, or starting a family. If you were to pass away, the proceeds from a life insurance policy can be used by your partner, kids, designated guardians, or even your parents to help pay for the mortgage or rent, funeral expenses, childcare, and the many other day-to-day bills we all have. It’s selfless and alleviates a significant financial burden for your loved ones. We’ll put it another way: You can consider it a very important first gift to your child. Parents have countless hopes and dreams for their children that, unfortunately, cost money to make happen. Buying a policy now helps ensure that your family has money to continue affording those plans. Knowing that your child is protected, and will have a life insurance policy payout to put toward things like taking dance classes, going to camp, or attending college, even if you were no longer here, is one way to begin leaving a legacy for your child. 

#2 You make more money now 

In your 20s, you’re likely at a low point in terms of your salary. But once you hit 30, you’ll probably be making a little more money, which would be difficult to replace if something were to happen to you. Losing you could put your family in a precarious financial position. Getting a life insurance policy can help protect them in case the worst should happen.

#3 You might owe some money, too 

A mortgage, student loans, car loans, credit card debt … these don’t just disappear when you die. (Some personal debt such as federally-funded student loans or private credit card debt may be forgiven.) However, private student loans, car loans, and mortgage will often still need to be paid and can be left to your cosigner or spouse to continue paying — without your income to support them. If you have any debt with cosigners, such as student loans, then it’s important to consider buying a life insurance policy to protect their ability to pay off those loans. It’s also important to think about all the other things that your loved ones may be on the hook for if you were to die. 

#4 You might save money by getting life insurance now

There are a lot of advantages to being relatively young. You have time to tick things off your bucket list. You probably won’t die any time soon. And obviously, you might be eligible for a lower rate on term life insurance. Why’s that? Because you have plenty of years in front of you (especially if you’re in good health), so your insurer can lower how much you owe per month for the same amount of coverage as someone a decade older. In other words, your life insurance policy might be cheaper than you think, and it might never be cheaper than it is today. 

#5 To avoid medical hurdles in the future 

No one has a crystal ball that can tell you what your health will be like six months, one year or five years from now. Therefore, if you know you have a need for coverage, lock in that affordable pricing while you can. 

#6: To protect your business 

If you have any business dealings on the side, life insurance is essential. Let’s say you buy and sell real estate for a profit. What would happen if you passed away in the middle of a deal? What if you flip houses for a profit? How would your family handle your project if you passed away during a flip or a major remodeling job? Your family could face similar struggles if you run a small business that buys and holds inventory, has business-related debt, or has ongoing business expenses to cover. If you buy enough life insurance, on the other hand, you can leave behind enough cash so that your family could deal with your business holdings the way you would have wanted. 

#7: To get it over with 

Want something simple to check off your to-do list? Apply for life insurance. Thanks to various agents available, you are just a call away. Call your agent and ask him for the best policy that can suit you.