Othneil Blagrove, Chief – Sales & Marketing, JN Life Insurance, is urging young adults to purchase life insurance as early as possible because of the benefits it provides.
Life insurance is a powerful financial tool that benefits all age groups, but according to the sales & marketing chief, purchasing it early in life offers unmatched advantages.
“Life insurance is a crucial component of any sound financial plan,” Mr Blagrove emphasised. “The earlier you start, the greater the benefits.”
Mr Blagrove noted that products such as term life and whole life insurance are well-suited for young adults. “One major advantage of buying insurance early is that premiums are typically lower, because insurers assume that you’re at your healthiest in your younger years,” he said.
He added that term life insurance provides flexible options for the future.
“With term life, a young person can secure coverage for a specific period and later convert it to a whole life policy or increase coverage as their needs evolve. If something unfortunate happens during the term, the death benefit can help cover final expenses or support loved ones financially.”
Another significant advantage for younger adults is the ability to increase coverage without a new medical exam.
“Many permanent policies allow for the addition of a guaranteed insurability rider,” he said. “This means you can increase your coverage later in life without needing to prove you’re still healthy. That’s a major benefit, especially if hereditary conditions may develop over time.”
Mr Blagrove added that for young policyholders, the death benefit lasts longer, which can serve as a meaningful legacy for loved ones.
“Even if you don’t yet have a family or dependents, life insurance allows you to name a charity or philanthropic cause as your beneficiary,” he said. “It also plays a key role in retirement planning.”
He emphasised the power of cash value accumulation. “When you purchase a permanent policy in your 20s, you give your investment decades to grow,” he explained. “The compounding effect can create hundreds of thousands of dollars in future tax-free income- funds that you can access during your lifetime or leave behind for your beneficiaries.”
Importantly, life insurance also supports financial goal setting.
“If you plan to buy a home, get married, start a family, or even take a dream vacation, insurance can support these milestones,” said Mr Blagrove. “Policies like the JN Life Vest offer an investment component that grows alongside your coverage, allowing you to build a portfolio that supports major life goals.”
Although some people may hesitate to purchase life insurance due to the cost, Mr Blagrove strongly encourages young adults to see beyond short-term limitations.
“People argue that premium payments could be used elsewhere, especially at the start of your career when income may be limited. But the longer you delay, the higher your premiums may become and the harder it might be to qualify.”
He further advised: “Sit with a financial advisor, review your expenses and identify a policy that aligns with your goals. Life is unpredictable, and the last thing you want is to face the unexpected loss of a loved one without the financial means to manage final expenses. Insurance is peace of mind. Get it early.”
