Print Friendly

5 Reasons to Apply for Life Insurance When You’re Young

If you’ve thought about life insurance but brushed it off because of your age and other financial obligations (like student loans, saving for your first place, and paying off debt), you might want to reconsider.

40%25 of people who own life insurance wish they had purchased policies at a younger age.* Just 49%25 of Millennials own life insurance BUT 48%25 plan to buy within the next 12 months.*

If you’re in your 20s or 30s, applying for life insurance probably isn’t something you think about often. In fact, you may think it’s too difficult to be approved, costs too much, or that you simply don’t need it.  But, there are several very good reasons to consider life insurance when you’re young.
 

#1 Affordability

Did you know that a 32-year-old male could get $100,000 in AICPA CPA Life Insurance for $2.60 a month? Life insurance is generally most affordable the younger you are. This is because as you age, health problems are more likely to develop that could increase the cost of coverage (Per the Center for Disease Control, 6 in 10 adults in the U.S. have a chronic disease.**)  
 

#2 Ease of applying

Applying for life insurance when you are younger (and healthier) makes the application process easier. Many life insurance carriers allow you to apply online (via a process that takes just minutes, and sometimes offering an opportunity for instant approval) letting you skip the medical exam altogether.  
 

#3 Debt that doesn’t disappear

If your parents co-signed debts for you, such as student loans or a car loan, they’ll be stuck bearing the burden of those financial obligations if you pass away. Benefits from your life insurance policy can help them pay off your debt.
 

#4 Spouses, Partners, and Parents

Life insurance benefits can help a spouse or partner you leave behind stay in their home; provide money to care for children; pay debt and other financial obligations. If you have an ailing parent, benefits can help pay for their care after you are gone.
 

#5 Funeral Costs

Funeral and burial expenses may run upwards of $15,000 or more. Life insurance can help your loved ones focus on their grief instead of footing the bill for your funeral.
 
Ready to apply? Consider selecting a coverage amount that fits your budget now. Then, when you have more money to allocate towards life insurance (and your responsibilities grow), you can increase your coverage when the time is right. AICPA offers a variety of Life Insurance Plans and flexible coverage amounts to help make your decision easier. Coverage is issued by The Prudential Insurance Company of America, a trusted, A+ Superior-rated Life Insurance provider.
 
 
 
*LIMRA and Life Happens, Insurance Barometer Study, 2021
**Centers for Disease Control and Prevention, About Chronic Diseases, April 2021
 
The Prudential Insurance Company of America has an A+ Financial Strength Rating from AM Best. A++ (Superior) is the highest of 15 ratings that A.M. Best extends, the lowest being F (In Liquidation), and is a measure of claims-paying ability. The rating is an opinion on the insurer’s financial strength and ability to meet its insurance policy and contractual obligation. Ratings are as of November 2, 2021 and are not a guarantee of future financial strength or claim paying ability. The ratings are subject to change and do not reflect any subsequent rating agency action.
 
This site may contain marketing language, on products issued by The Prudential Insurance Company of America, that has not yet been approved in all states.
 
Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (TX 13695) (AR 100106022); in CA and MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc. (CA 0G94493), Aon Direct Insurance Administrators, and Berkely Insurance Agency; and in NY, AIS Affinity Insurance Agency. The Plan Agent of the AICPA Insurance Trust, Aon Insurance Services, is not affiliated with Prudential.
 
Group Insurance coverage is issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. CA COA #1179, NAIC #68241 Contract Series: 83500.

 
1054717-00001-00

Related Content

Related Products