|Posted on May 23, 2018 at 8:45 AM|
When it comes to money matters, young married couples who are just starting out have a lot to juggle: They may be paying off student debt and saving for their first home. It's also a time when young families may be the most financially vulnerable should the unexpected strike. To ensure that they have financial protection when they need it most, purchasing a life insurance policy should be top of mind.
Here are five reasons why young families need life insurance:
1. You just never know. While it's not the most pleasant thing to ponder, an emergency situation could quickly put your family's finances under water.
2. The earlier you opt in, the more affordable it is. Because age is one of the factors that affects the cost of your premium, the younger you are when you purchase a policy , the less you'll be paying each year.
3. It's not as expensive as you think. If you're on a budget and are convinced you can’t afford life insurance, consider term life insurance. It guarantees protection for a set amount of time. Since it's not designed to last a lifetime, the annual premiums are considerably lower.
4. It lets you concentrate on other goals. Once you have the peace of mind and financial protection that life insurance grants you, you may feel secure enough to fund long-term goals, like buying a home, saving for your nest egg, or going back to school.
5. You can always upgrade at a later date. Don't let the fear of making the wrong decision deter you from purchasing a policy now. The policy you purchase today isn't intended to be set in stone. As your family's needs change, you have the option of making upgrades.
We know it's not easy for young families to make their life insurance needs a priority, given all their competing financial obligations. However, life insurance is a vehicle for protection that is not only affordable, but can also help families save money and can ultimately propel them toward reaching both their immediate and far-reaching goals.
For a free and confidential financial analysis, please contact Michael Russo, Agent, New York Life at [email protected] or 215-441-3780.