Life insurance is one of those Google searches that people tend to postpone. Especially if those who are young, healthy, and don’t have anyone who depends on them financially. But in truth, there are good reasons why you should consider getting the best life insurance policy even before you establish a family. Here’s what you should know about this topic.

1 – You can save money by getting it younger

Insurance companies are in the business of risk management, which is why the cost of premiums varies greatly between individuals of different professionals and age groups. The greater the risk of the company having to pay out your policy, the more premiums they have to charge the policyholder. Otherwise, the company wouldn’t be able to stay in business.

This matters because it gives an incentive for low-risk individuals to get policies while their risk is still low. Assuming you are 30 years old now, getting a 30-year life insurance policy today may cost as much or less than getting a 10-year insurance policy when you are 50. With the added benefit of twenty extra years of coverage. Of course, whether you are looking at taking out a policy with someone like global life insurance, or another provider, it is important that you do your research and read the fine print so that you can make an informed decision about whether this is going to be the right option for you or not. 

2 – Keeping good health can lower your premiums

It is not unusual for insurance companies to require medical checkups before you can sign your policy, or even before they tell you how much you’ll have to pay in premiums. That’s because poor health and pre-existing conditions increase the risk you pose to the company, forcing them to raise premiums to keep the extra risk under control.

However, the opposite is also the case. Having great health leads to lower risks, which leads to lower premiums. There are insurance companies that offer policies specifically designed for the fitness and health-conscious crowd, allowing you to pay much lower than average premiums as long as you can meet certain health standards. This can both help you save money and provide an incentive for you to stay healthy over the years.

3 – Life insurance is more than just death benefits

Insurance policies will pay a death benefit to your assigned beneficiary in case you die. How much and how that benefit will be paid — in a lump sum or in installments — depends on the details of the policy you signed with the company. Whatever contract you decide to sign, make sure you read all the fine print to avoid having to deal with denied FEGLI claims.

However, many global insurance policies offer other benefits on top of the death benefit. Two common examples are burial insurance and accelerated terminal illness insurance.

Burial insurance makes sure your end of life expenses are taken care of, often regardless of whether your manner of death was insured or not. This makes sure that your loved ones won’t have to worry about finances as they say their final goodbyes.

Meanwhile, terminal illness insurance allows policyholders to receive a part or the totality of their life insurance payout while still alive. These payouts happen in case you get diagnosed with a terminal disease, and the money can be used to cover medical expenses, as well as allow you to enjoy the time you have left.

Another form of insurance that can help ensure your financial security in times of crisis is income protection insurance, which is something this specialized site can teach you more about.