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Life insurance is one of those necessities that people don’t always like to talk about. Death is never an easy subject, but it happens to the best of us at some point or another. Unfortunately, if you pass away, your family will have funeral expenses and the loss of an income. This can cause severe financial burdens that can make it difficult for them to recover from your untimely death. Age isn’t a factor when it comes to opening a new policy. In fact, you should consider this type of insurance regardless of whether you’re younger or older.
Why Life Insurance?
In the event of your death, your loved ones will be responsible for paying for the funeral and compensating bills at home. If you were the main bread winner of the family or you brought in a significant income that helped fund your loved ones’ lives, the loss of this income could be astronomical. If you have some type of coverage, the death benefits will be given to your assigned beneficiary. They can use this amount to pay bills, funeral expenses and other expenditures.
Different Options Available
There are a multitude of different types of life insurance readily available. Term coverage typically lasts for 20 to 30 years and expires once this time is up. These policies hold no cash value throughout the course of paying for them. Universal or whole life insurance holds cash value and is considered to be a permanent policy. Some companies may require that you have a physical exam done prior to being approved, since they want to know that you’re healthy enough to pay for the policy over a long period of time. For other types of insurance, you may just be asked a few health questions when signing up.
Why Age Isn’t the Only Factor
You do not have to be a senior to benefit from life insurance. Nothing is guaranteed and accidents can happen. This is why age isn’t the only factor to consider when considering life insurance. By having coverage, you’re able to protect your family and provide them the essential benefits that they need. Likewise, certain policies hold cash value, which means that you can draw on them if you would like a lump sum of cash. This particular benefit can come in handy in the future if you were to need emergency funds. If you have a health condition, dangerous job or simply want to have another layer of protection, this coverage is a smart, responsible option.
How to Choose the Best Policy
Like all other types of insurance, it is important that you find a policy that works for you. You want it to offer the coverage that’s necessary without it being overly expensive. The best way to sign up for an account that works for you is to compare different providers. You can often receive quotes online to see what you can expect in terms of premium payments and how much coverage you’ll obtain once you make the decision to sign up.
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Brought to you by Justin Weinger.
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