Life insurance might not be a fun topic to discuss for most people. However, it is a conversation we all need to have, particularly sooner rather than later. Your current life circumstances and age will dictate whether or not now is a good time to add life insurance coverage. If you think you don’t need coverage right now, you might be surprised. So let’s look at the important question: “Do I Need Life Insurance?”
In the past, we’ve discussed if and when you need life insurance. Evaluating your needs is always the first step in setting up proper life insurance coverage. Factors like dependent family members, small business ownership and retirement can necessitate life insurance coverage. However, people in the later stages of their life generally have more money to devote to life insurance, and coverage options like whole and universal life sound more appealing. If you’re young or just starting a family, you may need something with a lower rate. This is where term life insurance comes in. Let’s learn more about term life insurance and why it may be the best option if you’ve never had life insurance before.
Life insurance is a very important part of any long term planning, but there are a lot of misunderstandings about what life insurance can do for you and when you should purchase it. These life insurance myths can end up costing families big, and usually when they realize it, the chance to get the coverage they need has passed.
Life insurance is an important resource that everyone needs to evaluate at different points throughout their lifetime. When you need it, life insurance can help you payoff funeral expenses, accumulated debts, or estate taxes after you pass away, but when you don’t need it, you can end up paying expensive premiums for unnecessary coverage. Let’s answer the important question when do you need life insurance as well as cover the three main types of policies available.