(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I'm Jessica.
(John) And I'm John.
(Jessica) And today we're talking about whether or not you should buy life insurance if you're in your 20s.
(John) Yeah, essentially, life insurance is helpful if there is a person or people in your life who would be financially impacted by your passing. This could be someone such as a spouse, kids, or other family members.
(Jessica) Policies generally fall into two categories: term life insurance and permanent life insurance. It's a good idea to research your options and find out what will best meet your needs and budget.
(John) Yes, and the longer you wait to get life insurance, the more expensive it will be. However, it is an added expense that you may not need until there is a person or people who would be financially impacted.
(Jessica) If you have the ability to wait, that may be a good opportunity to direct the money toward savings, debt payoffs, or building an emergency fund. We'll see you next time on Money Matters. And remember, Financial Wellness starts here!