Why 18-24yr Olds Need Life Insurance
You aren’t married, you don’t have kids, you don’t own a home, and you don’t have school loans. But you still need life insurance. Here’s why.
Life insurance=if you have a life insurance policy on yourself, and you die, the company will send a large sum of money to your beneficiary (either a spouse or family member.) That’s what life insurance is, let me show you what it does.
About a year and half ago I met with a gentleman who had a baby just a few weeks old. The mother was upstairs while I met with the father and his infant son. They had a small mortgage ($50,000) which meant at his age, 26, it was very very inexpensive. He had no other life insurance at all. After I went through my normal presentation and it was time for him to buy, he said no. “I have to think about it.” My response was, “What in the world is there to think about?” His wife was a stay-at-home mom. If he had been killed in a car wreck that same night, he would have left his wife and newly born son with nothing. The monthly premium was $16/month! That’s 50 cents a day! That’s the lowest premium I’ve ever shown anyone-ever.
He didn’t buy. (He had to kick me out of his house before I’d leave because I knew he was making a severe mistake.)
How does that story make you feel? (If it makes you feel sick, maybe you should sell insurance!)
For 50 cents a day, that gentleman could have made sure if anything happened to him, his wife and kids would have been taken care of.
When you buy life insurance, you are buying it with your health and age. In other words, it makes more sense to buy when you are young and healthy. So if you are 18-24, you are in your prime age bracket to purchase life insurance. And it’s not expensive. It’s about $30-40 dollars a month (depending on what you get of course. When you go to an Apple store, there are different prices for their computers. Same thing.)
“My dad and my pastor told me to only buy whole life (lasts your entire life) because term insurance isn’t worth it.” You need to keep listening to your dad, because he’s right about whole life being great. But term is great too. In reality, you need mostly term, and a smaller amount of whole life. Mostly because whole life is so much more expensive- Your premium just went from $35 to $85.
Back to the opening statement of this post. All those things I listed above are true about me. If I die within the next 30 years, the company will send Dick Sylvester $150,000. If I get married I will change the beneficiary to my wife. But what happens if I’m still living in 30 years? I will get all my money back–a full refund of $10,116.
I’m not saying you should buy life insurance simply because you can get all your money back; but it is a nice feature.
In conclusion, if you owe money to anyone, you need life insurance. If you have zero debt, congratulations. You may not need life insurance. Oh wait, if you die, burial expenses’ are about $10,000. You didn’t have debt, and you still don’t (because you’re dead!) But now, it’s your mom, dad, or family member who has to pay for your funeral. Is that what you want?
Try telling this family their son didn’t need life insurance:
Man’s death is 25th at Crabtree Falls | Charlottesville Daily Progress. Make sure you read the last sentence.
“I’ve never met a widow who thought her husband had too much life insurance.” Dick Sylvester