When you are young and healthy, just starting out in your career, buying life insurance may be last on your to-do list.

It shouldn't be - for a few reasons.

Cash Value

The one that most people think of is to provide financial protection for family members and others with whom you share financial obligations if you die prematurely. And that is important.

But you should know that permanent life insurance also builds cash value, which grows tax-deferred. The younger you are when you buy a policy, the more cash value you have the opportunity to accumulate, not only for your heirs, but potentially for your own needs as well.

Help Protect Those Who Mean The Most To You

Life insurance is not just for people with children. Even if you are still single, consider who may need financial protection if you pass away

• Co-signers of student loans or mortgages, who would be responsible for your debt
• Parents or grandparents you may help to support
• Those who would have to take care of your funeral expenses.

If you are married without children and you own a home, your spouse might need your income replacement in order to help keep the house. Even if you are renting, that income could save your spouse from having to find another place to live - possibly in reduced circumstances. If you have very young children, your spouse may have even more need to replace your income.

Life Insurance Options For Those On A Budget

For those on a budget, Term insurance is often an attractive option, because of its generally lower cost, even though it does not build cash value. If you buy a Term policy, make sure you can upgrade it to permanent insurance in the future without another medical exam. AXA Equitable term policies have this option built into them.

If you need protection but feel that money is a bit tight even for Term insurance, you should know that AXA Equitable's Return of Premium Term pays you back for your premiums if you outlive the policy's term.

You may also want to consider AXA Equitable variable life, which offers some flexibility in how much and how you schedule your premiums.

Once it is issued, cash-value life insurance is in force for life, as long as you pay the premiums. Premiums at issue are lower at a younger age, and you may be able "freeze" the rates. You could be paying the same premium at age 50 as at age 25.

Are you at risk for a serious medical condition that runs in your family? It's much easier to buy a life insurance policy when you are still healthy - just make sure it has a guaranteed insurability rider so you can purchase additional insurance if you eventually need it.

Should your need for the death benefit decrease, you can access funds from a cash-value policy - to enjoy during your working years or use as retirement income.

Even if you opt not to buy life insurance at this time, definitely consider disability insurance to replace lost income if you are seriously injured.