There are many things in life that get cheaper as you get older. In fact, young people often get the short end of the stick. However, not everything is more expensive for young people. Below are just some of the things in life that cost less when you’re young (and that could be worth taking advantage of).
Life insurance
Unsurprisingly, life insurance rates are relatively low when you’re young. You may wonder to yourself, ‘why would I want to take out life insurance when I’m still young?’ Well, as gloomy as it is to think about, sometimes the unexpected happens. Funeral costs are very expensive, and life insurance can cover these costs so that your loved ones don’t have to reach into their pocket. As this post by Shawn Meaike explains, life insurance can also be worth having if you have dependents such as kids or a partner that relies on your income, as it can offer them compensation. All in all, life insurance is something you’ll hopefully never need, but it’s worth having just in case.
Travel insurance
A lot of travel insurance companies also up their prices for more senior customers. This is because senior travelers are at more risk of requiring medical treatment when abroad. Medicare doesn’t cover healthcare costs abroad, so without travel insurance senior customers often have no choice but to pay for medical costs out of their own pocket. When you’re younger, travel insurance is typically a lot cheaper. This makes it more possible to travel the world safe in the knowledge that you’re covered if you do encounter a medical emergency.
Flights
A lot of airlines, such as United Airlines, offer discounts to passengers aged between 18 and 22. This is to help students who may want to travel back from college to see family, however, such discounts aren’t available to students only. Discounts apply to both domestic and international flights. Combined with lower travel insurance rates, being young can be a great time to travel abroad!
First-time mortgages
It’s better to take out a first-time mortgage when you’re young. Wait until you’re older to take out a mortgage, and you likely won’t be able to take out a long-term mortgage, meaning that you’ll have to pay it back in much larger installments. You could also be charged more interest. On top of this, you may lose access to certain first-time buyer incentives as you get older. All in all, it’s better to get on the property ladder when you’re still young.
Energy bills
Older people are typically more sensitive to the cold and often spend more time indoors. As a result, heating usage is much higher for older people, resulting in higher energy bills. Saving money on energy bills is often a lot easier when you’re younger because there’s not so much of a need to crank the heating up as often. In fact, if you’re used to cooler climates, you may find that you’re able to ration your energy consumption simply by wearing more layers indoors.
