When is the Best Time to Get Life Insurance?
Considering life insurance, but not sure if it is the right time? No matter what stage of life you’re in, there are beneficial life insurance products that’ll help provide protection for those who matter most to you.
If you are just starting out
Whether you are single or married, a term life insurance policy is a cost-effective way for a young adult to ensure student loan debt is covered as well as final expenses. It can also provide coverage for daily living expenses, mortgage payments, and utility bills for your spouse or partner. And since life insurance rates often increase with age, now is a great time for you to apply.
If you are starting a family
A life insurance policy can provide valuable protection for the future of those most important to you. The policy can help pay for housing expenses, a child’s education, outstanding debt, and daily living costs such as groceries and bills. Some types of life insurance even offer the ability to grow cash value, providing some additional financial support for your family, if needed.
If you are planning for retirement
As you are planning for retirement, consider a lifetime universal policy to allow you the chance to plan for all of the adventures ahead. Universal life insurance is highly customizable, and can provide a lifetime of coverage with flexible premiums and benefits to help meet your specific needs. Your policy can build cash value to help pay for expenses during retirement and more.
If you are retired and considering your final expenses
As you consider the financial impact on your children, grandchildren and those most precious to you, you can cover costs such as your final expenses with a guaranteed issue whole life insurance policy. It’s one of the preferred ways to help older adults pay for those costs.
