Life Insurance in Your 20s? What age should I buy life insurance?

For young people, life insurance can seem like a huge waste of money. Do you relate? After all, you're healthy and fit and ready to take on the world, right? But do adults need life insurance? Here's the deal. Buying life insurance in your 20s is a great way to set yourself up for a safe and profitable future. And it's also incredibly cheap. You want to know more? Just stay tuned. Hey there, my name is Gail Longnecker and I've consulted with hundreds of young people just like you in the area of life insurance who for the most part really don't understand or know why they need it. However, you'll see in this video that saving in life insurance in your 20s can make a huge difference for your finances down the road. Hey, before we get started, make sure you subscribe to my YouTube channel here below and hit the bell so you'll be notified when I upload new videos. Well, here's the deal. When you're young, you can save, save, save. Assuming you're single and gainfully employed. Now, I understand that none of those things are actually a given in today's world. But still, if you have any disposable income in your 20s, this is a great time to start building that nest egg, right? It's time to provide a buffer for issues that you might encounter along the way too. For instance, maybe your employer offers a 401k match. If they do, that's a really great way to start building your wealth. If you don't know what a 401k is, it's when your employer actually has a savings account for every dollar that you put in. They actually match the same dollar, so it's like putting in double the amount. That's great financial advice, but it doesn't really help you to understand life insurance, does it? But here's the deal. When you're young and presumably healthy, you get the best prices on life insurance policies. So you can contribute and contribute and contribute and build up your cash. And here's what people really don't tell you about life insurance. Some policies let you borrow from them. Just like any other long-term savings account. So imagine you've been saving since the age of 25 and now you're 65. That's a really big chunk of change available to you and tax-free when you need it most. Trust me, that's huge. In fact, it's literally saved some of my clients from declaring bankruptcy in the past. I'm telling you, start young. You never know when you might actually need an infusion of tax-free cash down the line. Okay, it's important that you understand that life insurance can meet many needs for many different people. This is great because we have different goals when we're younger versus when we're older. That's why I want to talk about what's known as an IUL. That's short for Indexed Universal Life Policies. An IUL is a permanent life insurance that has a cash value account in addition to the death benefit. What you say? The cash value account? Yes, that's what grows by looking at whatever stock index you choose. Now, you'll find lots of IUL pros and cons out there, but it's important to know that your average IUL account does pretty well over the long term. After all, the stock market does generally tend to go up over time, right? So, when you save in an IUL account, especially in your 20s, you're basically creating another retirement account but with way more benefits. You're not just putting money away until your death. You're saving money and growing it with compound interest. And if you start saving in life insurance in your 20s, the results can be very impressive later on. That's the end of this video. I hope you enjoyed it. Go ahead and smash the like button and share with a friend if they're actually also interested or struggling or have questions about understanding life insurance. And if you really want to know more about life insurance in your 20s or even just get a customized answer to what age should I buy life insurance, click on the link below and find out how cute you can work with me one-on-one. Hey, thanks for watching and remember, I'm in your corner helping you build wealth your way. I'll see you next time.