If you’re unmarried, have no children, and are in your mid-20s or early 30s, you may not think that life insurance is for you. However, life insurance is typically less expensive when you purchase it at a younger age and is a useful retirement and financial planning tool. By starting now, you could save thousands in the long run.
While it’s not the kind of thing we like to think about, death is the one thing that is certain in life. All your debts, lease contracts and funeral expenses are left in your estate, and someone has to pay the bills. A life insurance policy will cover all these implications, and it can even leave some money to your loved ones so they have time to mourn and recover.
There are two kinds of life insurance: Term and Permanent.
Term life insurance covers you for a set period of time and pays out a tax-free, lump-sum death benefit to your beneficiaries if you pass away before the term expires. As compared to permanent life insurance, term life policies tend to have much lower premiums. If you’re just starting out in your career, a lower premium may be a better fit for your budget.
Permanent life insurance gives you coverage throughout your lifetime. Like term insurance, it pays out a tax-free, lump-sum death benefit to your beneficiaries. Permanent life insurance can also be used as a tax-sheltered savings account that you can draw from as the cash value increases. If you start this process young, you can generate a significant value that can be used for a down payment on a house or as collateral for a loan.
Critical Illness Insurance
As a single person, if you fall seriously ill and are unable to work, how would you manage without a regular income? Stroke, heart attack, and cancer make up the vast majority of critical illness insurance claims every year. In fact, insurance companies call these illnesses “the big three.”
Critical illness insurance pays out a tax-free, lump-sum payment following the diagnosis of one of the illnesses covered by your policy. The ability to take time off work, pay for the treatments and medicine you need (which may not be covered on a group insurance plan), and just take time to relax is essential to your wellbeing.
When your most valuable asset is your income and you’re suddenly unable to work, how would you pay your bills? Arthritis and musculoskeletal issues like back pain are two of the most common reasons people cannot return to work. Depression, diabetes, and complications following cancer treatment or heart attack are also very common.
Having disability insurance means you will receive a percentage of your income every month for a specific length of time and won’t have to withdraw funds from important investments or go into debt.
Health and Dental Plans
When you work for yourself, or your employer doesn’t offer group benefits,
being covered for health & dental expenses is important.
A plan that is personalized to you, will be an investment in your future.
Coverage for drugs, dental work, vision care, travel, and specialists (physiotherapists, chiropractors, massage therapists, and psychologists/social workers) are offered in all plans.
An employer benefits plan doesn’t have to be a luxury. You can own this plan personally, which will follow you throughout your career and protect your family financially if anything were to happen.