Should I get life insurance in my 20s?

Buying a life insurance policy may be one of the last things you want to think about when you are in your 20s. But whether you’re paying off student loans or trying to build your financial future, buying life insurance while you’re young may be one of the best financial decisions you can make.

Two women looking at object in a store

Young people and life insurance


Most young people don’t think about life insurance, because many believe it’s something only parents buy to protect their children—or to make sure the surviving spouse can manage the family’s expenses. While protecting your family is important, whole life—or cash value—insurance offers a whole lot more.

3 reasons to purchase life insurance when you are in your 20s. 

  • It can help pay for life’s expenses.
    The living benefits of a whole life insurance policy can help pay off any student loan debt you may have accumulated.1 The policy can also cover any other unpaid debts or final expenses should you die unexpectantly.
  • It can grow wealth over time.
    Whole life insurance accumulates cash value, which can be used in the future for whatever purpose you desire, like paying for a wedding, helping to pay college tuition, making a down payment on a home, or supplementing retirement income.
  • The earlier you buy the better.
    Life insurance purchased today can also protect your future insurability. And the younger and healthier you are when you purchase insurance, the less expensive it will be. Once issued, whole life insurance is in place for life, even if your health changes, assuming that all required premiums are paid when due.

Even if you’re young and single, don’t overlook the benefits of life insurance.

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Want to learn more about life insurance?

A New York Life financial professional can help determine what’s right for you.


1Accessing cash value through loans and partial withdrawals will reduce the cash value and death benefit of your life insurance policy.

New York Life Insurance Company (NY,NY)