Buying a Life Insurance Early in Life - Universal Life Insurance

By: Fred Romano

Taking your decisions at the right time always helps you to save time, energy and also helps you to have peace of mind. When it comes to taking a life insurance policy, people are always confused as to what is the right age for taking an insurance policy. Some say that insurance is something that is to be taken when you are married and having a family. Do you think that insurance is a product that helps only those who are married? Well the answer is no. Insurance is a product that has been designed to help the people who are insured for their future. Yes it helps the person named as the beneficiary in the insurance policy, more then the person who is actually insured. But don't you think that people whom you love deserve some security even when you are not there with them.

I remember when I was a young boy and was still studying, I had a debate with my friend who was opposing the concept of life insurance, actually he was not at all opposing, but he was opposing the idea of taking a life insurance policy before the age of 35 years.

His views were to take a life insurance only after the age of 35 years or if you are a married man and when you are having family. My opinion was to take a life insurance policy as soon as possible, even when you are a student. Accordingly I took up a whole life insurance plan. My insurance plan offered me some good incentives and I took a larger plan. But since my age was not too high as I was in my mid 20's, the monthly insurance premium was also very less. Since all insurance plans are designed in such a way that if you are young in age, the premium is less so I got the advantage of it. Since in whole life insurance the company invests the money into the market and earns profit out of it, and the same profit is then shared by the company with the customer in the form of dividends. I have started receiving good amount of dividends every year which is helping me to subsidize the monthly premiums.

In return my friend who used to oppose the idea of taking an insurance plan early in his life have taken an whole life insurance after 15 years after I had taken the policy. But he is paying almost double the premium that I am paying and also he is not yet started to get any returns on the policy, which means he is losing money every month. Now he is regretting his decision of not taking the right decision at the right time. Just one wrong decision has made him pay double the amount of money for the same kind of benefits. It is always better to take the right decisions at the right time. This not only saves you precious time but also gives you peace of mind getting your work job done better.

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