Think You're Too Young to Get Life Insurance? Think Again

You never know when a need for life insurance might arise.

Any time you spend money on a given expense, whether it's housing, transportation, or grocery, that's money you won't have on hand for another purpose. When it comes to buying life insurance, it's easy to see why so many people might choose to put it off. After all, the money you spend on those premiums could go toward other things, from necessities to leisure.

But buying life insurance is important. Without it, your loved ones might struggle financially in the event of your passing.

Still, there are different reasons people put off life insurance, and in a recent survey by ConsumerAffairs, 25% of respondents said they believe they're too young to start thinking about it. But actually, your age shouldn't be the primary factor that determines when you're ready for life insurance.

It's not a matter of age, it's a matter of need

Some people reach their 30s or 40s without having anyone in their lives they support financially. Other people have children in their early 20s.

It's for this reason that age should not be a main factor in deciding whether you should apply for life insurance. Rather, you should really ask yourself one question: Are there people in my life who would struggle financially if I were to pass away?

Keep in mind that just as your age doesn't necessarily matter when getting life insurance, neither does your status as a parent. It's a big myth that life insurance is only important once you have kids. Even if you're not a parent, you could still benefit by having a policy in place to protect a loved one.

Imagine you help an elderly parent with errands and home maintenance regularly because they can no longer handle those tasks themself. If you were to pass away, it would no doubt create a financial hardship, which makes the case for getting life insurance.

Similarly, if you're married and have a mortgage jointly with your spouse, your spouse might struggle to keep up with it in the absence of your income. And so it pays to put coverage in place that would prevent your spouse from losing your home in the event of your passing.

But all of these decisions have little to do with age, and more to do with personal circumstances. That's an important thing to keep in mind when you think about whether you're ready for life insurance.

Applying at a younger age could benefit you

While you shouldn't have to concern yourself with being too young for life insurance, one thing you should know is that the younger you are when you apply, the more likely you might be to snag a competitive rate on your premiums. That's because health tends to decline as we age, so if you apply at a time when you're in optimal health, you might lock in a premium rate that's quite affordable -- one that you manage to keep up with from year to year to give your loved ones the protection they need.