Life insurance providers provide financial protection (in the form of payouts) to policyholders upon death) and, depending on their policy type, access to cash while they are . For its financial protection – and the peace of mind it provides – many financial advisors will recommend securing a strong life insurance policy.
Life insurance is beneficial for Americans at different stages of their lives, however, there are better times to buy a plan than others. By getting a policy at certain times you can improve your chances of getting comprehensive care at a lower cost.
You can get a free life insurance quote online now by answering a few simple questions.
3 of the Best Times to Buy Life Insurance
Life insurance can be valuable to have at many stages of your life. But if you want to get the most return on your investment, it helps to work in one of these three periods:
when you are young
Life insurance is often thought of as something you’ll need later in life and can skip when you’re young. But that’s actually the opposite of what you should be doing.
You won’t get better coverage (for lower premiums) than when you’re younger.
Life insurance becomes more expensive as you age and insurance providers become riskier. That risk will be reflected in your premium (assuming you’re not rejected or severely limited for coverage altogether).
But you can get a term life insurance policy for several thousand dollars (or more) when you’re young and healthy.) for a minimal monthly charge (think under $100 depending on the series )
So don’t wait – get a policy while it’s still cheap. Get started by getting a free price estimate here.
When you are married/have children
Life insurance becomes even more important once you’re married, especially if you and your spouse are used to splitting the bills. You don’t want to leave your partner short-changed if something happens to you.
The same concept applies to having children. It’s one thing to count onWhen you are single. But after you get married — and especially after you have children — your financial responsibilities will increase significantly. It is important to have security associated with it.
Now think about your economic contribution to your wife and your family. Then think what could happen without you in the picture. If there is no obvious financial means then you should get a life insurance policy to fill the gap.
Explore some of the top life insurance providers now or use the table below to get started.
When you buy a house
The biggest bill most American adults pay each month is their mortgage.
Although home prices vary from state to state,US reals rose 6.6% in October from a year ago to $379,100.
Paying off that amount takes a long time, with most mortgage terms coming in at 15 or 30 years.
It’s possible that you already have enough money saved to pay off the house in the event of your death. But you can be short. Review what you have and see if it’s enough.
Remember, life insurance is designed to ease the financial burden on the beneficiaries after the policyholder dies. A death in the family is already hard enough to deal with. Don’t add house money to the equation if it can be avoided
The above list is not exhaustive and there are other best times to buy life insurance. However, if you’re young, recently married or have young children, or bought a home, now is a great time to act.
Get started by securing a low rate today. Get a free price quote online now.