People don’t buy life insurance because they are going to die, but because their loved ones are going to live. It is hard enough to lose someone you love, but then imagine the added, devastating financial hardship of a family who lost their main breadwinner. In the event of a death, life insurance can provide income for family and help them pay off debt. Life insurance simplifies the process of passing wealth to beneficiaries, and you can establish a plan within your policy to pay for a loved one’s education. It is also essential for covering funeral expenses, which cost an average of $7,000. This cost will only inflate as years pass by.
To put the cost of life insurance in perspective, although it does vary by gender and health factors, it is typically less than a cell phone bill. You can keep the cost low by initiating your plan sooner rather than later. In your 20’s, the cost only increases by a small amount each year. Through your 30’s and 40’s you will still qualify for a good rate, though it slightly increases each year, especially in the late 40’s. By the time you reach your 50’s health insurance is significantly more expensive and usually harder to qualify for medically. After 50 the cost of life insurance increases notably with each year.
Lock in your rates as early as possible to ultimately save yourself a large sum in premiums while providing wealth for your loved ones. Also, 3 out of 10 people report that they don’t feel protected enough by their current life insurance plan. You can always change plans or add more coverage to give yourself the peace of mind that you deserve. If you are thinking about protecting your family, a financial advisor can help you make a plan to take action. A licensed professional has the expertise to determine the type and amount of coverage that will serve you best. We look forward to finding the best protection for you through life insurance at a competitive price.
