Life insurance is one of those “someday” things for many people – but in our opinion the cheapest time to buy it is probably right now. After all, you’ll never be younger than you are right now.
To find out how much and what type of life insurance you need it’s important to take a look at your stage of life. Here are a few situations where it may be a good idea to secure coverage:
- You have a spouse or partner
- You have children
- You have a parent or relative that you support
- Your household depends heavily on your income
- Your pension, savings, or Social Security will not be enough for your spouse or partner if you pass away
- You own a business, solo or with partners
These factors could all justify securing coverage and if it’s been some time since you’ve reviewed your policies or you’ve had a life change then you may be due for an update.
It may also be time to consider private insurance coverage even if you have a benefit through your employer. Private coverage can be fairly cost effective and can travel with you even if you leave your employer.
And don’t think that just because you don’t work in a traditional sense that you do not need life insurance. Imagine how much it would cost to hire people to replace all of the jobs taken on by a stay-at-home parent – housekeeper, cook, nanny, house manager, chauffeur. Let’s be honest, the list of jobs is much longer than even that.
If you’re unsure about buying life insurance or suspect that you need a coverage update, please contact us and we will be happy to help you evaluate and choose an appropriate policy.
The cost and availability of life insurance depend on factors such as age, health and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition if a policy is surrendered prematurely, there may be surrender charges and income tax implications. Guarantees are based on the claims paying ability of the insurance company.