It’s not true that only old people need and avail of life insurance. The truth is, people should be getting one as early as they can, preferably in their early 20s, the moment they start earning their own money. A budget for life insurance should be factored in on their monthly salaries. Here are the five reasons why.
1. You will be ready for the “what if” moments.
Insurance is the best way to help your family when unexpected incidents happen. This is especially true if you are the family breadwinner. The money you will get from the insurance will help your family pay off existing debts or household expenses.
2. You will pay a lower amount.
The younger you are, the lower your monthly insurance payments will be. Talk it over with your financial wealth manager and find out how much you need to pay. You’ll realize that it’s not as expensive as you had thought and what’s more your money will be earning more. Click https://www.fwd.com.ph/en/invest/ to find out more.
3. You can pay it in full while you still can.
Another advantage of getting life insurance early is having time on your side. Since you are still young, you will have more time to pay for the insurance. You will also most likely have work. Older people are at risk of losing their jobs or retiring.
4. Your money will have more time to grow.
If you get an insurance with an investment option, your money will be earning every year. The earlier you get an insurance, the more years it can earn. Check out FWD Life Philippines’ products which offer lifelong protection + investment.
5. You can achieve your goals earlier.
Starting early means achieving your financial goals early, too. So when you talk to an FWD financial wealth planner, list down your goals in life—a new house, a car, a business—and they will help you tailorfit your insurance so you can make your life dreams come true.
6. You will be financially independent at an early age.
Believe it or not, you don’t need to reach 40 or 50 years old before you can achieve full financial independence. If you start early, you’ll already have something saved up.