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Life Insurance: Should I get one now?

Here are compelling reasons to get life insurance at a young age.


 

When it comes to adulting, getting life insurance might not exactly seem like the first thing we would put on our bucket list. In between vowing to exercise more, finishing yesterday’s to-do list, and the added stresses of living through a pandemic, not everyone would see life insurance as something they should have their sights set on anytime soon. But did you know that getting insured early pays off the sooner you do it?

If you’re young and well, it’s the best time to get insured because life insurance payment terms are lower when you are younger and healthier. If the pandemic has reminded you to better care for your health, think about life insurance as a form of long-term self-care that you’ll thank yourself for later on. Read on to see why you should get insured early:

 

  1. You can afford it. To debunk misconception, not all life insurance plans are expensive. More affordable payment options are available to you the younger you start. It’s a good place to put your first paycheck or college savings in. 
  2. You can protect your loved ones. Getting insured gives you peace of mind knowing that your loved ones will be financially protected in case anything happens to you. Even a small life insurance coverage can already be a big help in the financial protection of your family.
  3. You can grow your savings. There are insurance plans, like Manulife Horizons,  that have investment components - letting you invest your money in different funds, depending on what suits your needs.  
  4. Life insurance can be multi-purpose. Aside from giving you peace of mind that you’ve acted ahead for your future, a life insurance plan like Manulife Horizons can further address your needs by giving you the option to avail of add-on benefits called "riders". Manulife Horizons, for example, lets you have riders that provide additional protection for critical illness or hospitalization — for the “just-in-case” scenarios.

With all these reasons laid out for you, now may be a good time to include getting an insurance plan on your to-do list for the year! Luckily, there are ways for you to care for your personal and financial growth amidst being stuck indoors during a pandemic — including securing your future. Get in touch with a Manulife Advisor to know more.

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