Life Insurance – is term or whole life best for younger people?


We all want some type of security for our families in today’s economy which is why life insurance is getting a revival. People were buying goods and saving lots of pounds prior to the recent recession, therefore life insurance was not at the top of a lot of peoples’ lists of priority. For some young people there is a great form of insurance that is called level term life assurance. This is a form of insurance that can last for as little or long as you want, depending on what you negotiate with your provider. It is a great alternative to the norm which usually requires a life commitment and possible differences in rates. There are several benefits to having level term life assurance which will be discussed in detail below and here am introducing to you why Life Insurance – is term or whole life best for younger people?

In cases where people are just starting their adult life, level term life assurance is a great choice to make. Most people usually have student loan debt and other various debts that they have accumulated in their early stages of life. In addition to that it can take some people several years to pay off their student loans and become financially stable. What would happen if you were to pass away during this period of financial instability? Your debt would be transferred to your loved ones and they would be stuck paying the bills.

This is why it is so important to have level term life assurance, it affords you the comfort of not having a permanent form of life insurance and it allows you to be covered during your period of transition from financial instability to stability. As mentioned this is a great way to provide security for your loved ones in case of death during this time frame.

Another great benefit of level term life assurance is that it is not permanent as mentioned previously. Depending on your amount of debt you could have the plan last for 5 or 25 years, it is up to you and your provider to agree upon this. This set time frame is agreed upon because as people get older in life they usually have less debt and more savings. For some people they reach a point where having life insurance is no longer ethical because they have plenty of money in the bank. In a perfect world you would reach financial security around the same time that your level term life assurance expires.

There is nothing stopping you from extending level term life assurance to a permanent form of life insurance, in fact many people do just that. If you can no longer justify paying the monthly fee you will not have to worry for long because it is only a matter of time before the term runs out. This is a great form of insurance for young couples or individuals starting their professional lives. If you are unsure about your future prospects you could always agree to a short term plan that works for both you and your provider, you have nothing to lose except a small monthly payment.


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