The ideal age to buy life insurance is when you’re young. This idea might sound far-fetched, but life insurance premiums tend to be age-based. The cost increases the older that you get. Sadly, younger people tend to avoid buying it because they have other financial responsibilities. Younger generations also tend not to think about it because they’re starting families much later in life than generations before. Still, anyone that is living needs life insurance. While it may be morbid to think about, unfortunate circumstances can occur. Here at Malden Solutions, we offer comprehensive life insurance policies for employees. Keep reading to learn more about the best age to buy life insurance.
How Else Does Buying Life Insurance at a Younger Age Benefit Me?
The cash value of life insurance grows over time and is tax-deferred. The younger you are, the more years that you have to increase that cash value. You can use this cash value as a down payment on a home. A long-term benefit is that this accumulation can supplement retirement. Then, of course, if something were to happen unexpectedly, your family would have the funds to handle a loss adequately.
Other Things to Note
The cost of the policy only becomes more expensive as you age. Under 35 is the best age but some people can’t afford it. Millennials tend to be more likely to invest in a credit card. It helps them pay bills and doesn’t feel like an extra bill like life insurance does. Luckily, we’re here to help. Our job is to find comprehensive and accommodating policies for your team. Whether younger or older, we have the expertise and knowledge to enhance the lives of your employees.
Is Not Buying Life Insurance Truly Problematic?
The answer is yes. While it’s hard to think about, the body breaks down as we age. Life also comes with unexpected circumstances, but you can undeniably prepare for them. If you or your partner were to develop a critical disease, trying to buy a policy at the last minute would be expensive. Also, there’s a chance that purchasing a policy too late in life would receive a decline status, especially if someone has a severe medical condition. Overall, you can never go wrong with preparing early in life.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter,Facebook, and Linkedin.