Life insurance usually isn't top of mind for someone who hasn't made it to their 30th birthday yet.
But it pays off to be ahead of the curve if you're expecting to have a family to protect one day. Generally, the younger and healthier you are when you buy life insurance, the cheaper it will be, regardless of the amount of coverage.
In exchange for a monthly premium, a life insurance policy can replace income, help pay off debt, or provide a savings cushion for your partner or dependents if you die prematurely.
In a series of stories written for Business Insider, four average people explained why they decided to buy term life insurance in their 20s — and why they're still happy with the decision. Here's what they said:
When Clint Proctor and his wife became first-time homeowners in Florida and new parents within the same year, they decided it was time to protect their livelihood with a life insurance policy.
Proctor was 25 at the time and chose a coverage amount equal to about 10 to 12 times his annual income. His $500,000 term-life policy costs about $21 a month.
"If I die before my wife, I don't want her to struggle to make our mortgage payment. She'll have enough stress without having to worry about losing our home," Proctor wrote. Now that he's changed jobs and expanded his family, he plans to add additional coverage.
"Having life insurance gives me peace of mind that housing won't be a concern for my wife and two boys. And that helps me sleep better at night," he wrote.
Holly Johnson, an editor and freelance writer, bought her first life insurance policy in her late 20s. It cost $25 a month for $250,000 of coverage lasting 30 years.
Despite being debt-free, having above-average retirement savings, and earning some income from real-estate investments, Johnson later decided her family of four needed even more coverage. With an excellent health record, she took out another policy at age 37 and now pays about $50 a month for a total of $1 million in coverage.
"The reality is, having $1 million in life insurance coverage has allowed me to stop worrying about what would happen to my family finances if I died," she wrote. "I never lose any sleep wondering how they would pay for my funeral or whether my kids will be able to go to college, and I never stress over how my husband might pay bills or care for our two children if he were to suddenly lose my income."
Brynne Conroy was pregnant with her first child in her early 20s when she decided it was time to buy a life insurance policy.
"As a parent, I knew it was only responsible to plan for the worst," wrote Conroy, a freelance writer, author, and blogger. "If I passed away, I wanted there to be enough money for my baby to be comfortable for a few years until their new guardian was able to adjust to the changed circumstances."
Because of pre-existing conditions, including a congenital heart defect, Conroy's monthly premium came out to $64 for $200,000 of coverage on a 20-year term life policy. As her income has gone up and she's expanded her family, she's continued to increase her coverage amount.
"There is a great peace of mind knowing that if I pass away in my prime earning years, my children will be OK," she wrote.
Five years ago, before he had kids and a mortgage, Eric Rosenberg bought a $1 million life insurance policy to protect his future family.
He was in good health and locked in a rate of $78 a month for a 30-year term-life policy.
"I picked a $1 million policy because, based on our expenses and lifestyle at the time, it would have easily covered at least ten years of expenses not taking into account any investment gains on the proceeds," Rosenberg wrote. "But now that I actually have two kids, I sometimes wish I could go back and get a bigger policy that would have paid for college and a full mortgage payoff as well."
Still, he doesn't regret preparing early. In the years since, Rosenberg got his pilot's license and his father was diagnosed with cancer — two risk factors that would have significantly driven up the costs of his premiums had he waited to buy life insurance.
"I hope my family never gets the $1 million," Rosenberg wrote. "But if something happens to me, I'm not worried about my family struggling to pay the bills. That, after all, is what life insurance is all about."
