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Do You Need Life Insurance When You're Young?


Life insurance falls into two major categories, term and whole life. A term life policy provides benefits usually in increments of 10, 20 or 30 years. Whole life, or permanent life insurance, covers you for life (or as long as you pay the premiums) and has cash value.


A nonsmoking 28-year-old woman can expect to pay about $16 a month for a 20-year policy worth $500,000. Women typically pay less in premiums than men.


If you’re working, your employee benefits may include a term life insurance policy. However, if you leave your job, your policy may no longer be valid.


To figure out how much life in­surance you need, you can ask a LiFE360 Broker for a free Needs Analysis.



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