Four Reasons to Start Your Financial Management Plan Young

By James Wilber posted 04-24-2019 06:26 PM

  

Life insurance is rarely at the top of your list of priorities. As you navigate milestones after your education like what to do with that first paycheck, shopping for your first new car, buying your first home, getting married, having children, it may seem like insurance won’t be needed for decades or the current financial situation will not allow for insurance.  But just because you’re young and healthy doesn’t mean life insurance isn’t important. You are a business.  Learn to protect your business as you expand your knowledge of how to account for your employer's business. Here are four reasons to consider coverage now.

1. Student loans may create debt for more than you.

Many people pick up debt before they even start earning money. The average college graduate owes over $17,126 on a student loan. If somebody co-signed on your student loan and you pass away, that co-signer may be responsible for the debt. Life insurance can help you protect the co-signer.  Learn the basics of whole life and other options to decide what’s right for you

2. It’s not as expensive as you may think

Forty percent of young people think life insurance costs more than f­ive times its actual price.  Start with a personal for family financial plan.  Products can be fashioned around your needs and concerns.

3. You can’t take employer coverage with you

Employer-provided life insurance often is not transferable when you move from one job to the next. The average person changes jobs four times in their f­irst 10 years out of college.  Insurance can be the transferable savings plan that mirrors the 401(k) transferable investment plan.

4. Start now and save

Learn the earning power of the time value of money.  Young and healthy people can lock in lower rates on a life insurance policy. Typically, the younger you are, the less expensive it will be to obtain important coverage.

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