Life Insurance In Your 30s: Is It Necessary?
In your 30s, you're just starting out
In your 30s, you're just starting out. You may have recently gotten married, bought your first house, and had a new baby. Congratulations! Since everything is going so well, is this really the right time to plan for the worst by investing in a life insurance policy? Is it even necessary at this age?Life Insurance Costs in Your 30s
One of the primary reasons that most couples avoid life insurance like the plague in their 30s is because they believe it's just one extra expense added onto their monthly bills. If you're already trying to afford a mortgage, car payment, daycare, and enough money left over to go on a family vacation, it's easy to put life insurance last on the list.
Although individual premiums will vary based on a number of factors, some quotes will provide up to $1 million of coverage for close to $50 per month. For a 30-year-old woman, this quote is even less expensive.
The reality of the situation is that a monthly life insurance policy could cost less than your monthly cell phone bill.
Why Life Insurance Is Important If You Have Children
As soon as you have your first child, it's critical to think about your future, no matter how far away it may seem. While you may have painstakingly balanced your budget in order to set aside money to pay for your children's college education, setting aside a monthly allotment for life insurance is just as critical.
While no one ever wants to think about a worst-case scenario, you have to consider how your family will be taken care of if you were to die. When you're in your 30s, you have the opportunity to take advantage of a great deal on term life insurance. You can purchase a policy that lasts for a set amount of time - until your children are out of the house. From there, you can reassess and readjust your policy as needed.
If you're in your 30s without children, life insurance is still a sound option. Yes, accidents do happen, and you can provide your spouse with added security by paying a small monthly premium to protect against the unexpected.
Invest Your Money Wisely
Even if you don't feel like life insurance is in your budget at this point in time, consider the fact that life insurance in your 30s is a valuable investment. In the same way that you invest in your 401(k) or IRA in order to plan for retirement, investing in a life insurance policy is a secure way to protect your family if something were to happen to you.
Simply buying a cheaper term life insurance policy can help to cover your family's basic needs. You'll still have money left over to pay all of your monthly bills and even to invest in your retirement account in order to make your money work for you.
The irony of life insurance is this: when you're young and healthy, you may feel that you don't need a life insurance policy. But those who are young and healthy can take advantage of the most affordable life insurance rates!
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