Choosing Life Insurance By Age: A How-To-Guide
Choosing the right life insurance policy shouldn’t be difficult. Considering your age, health, and dependents will help you make an informed decision concerning what life insurance is best for you.
When you pass away, your money doesn’t go with you. If your family depends on you financially, insurance can provide financial stability for them. Making sure that you have adequate coverage with the right benefits is very important when determining which life insurance policy to choose.
What Life Insurance Do I Need?
There are many different types of life insurance policies, each featuring its own benefits. The key is to determine which policy will be most beneficial to both you and your loved ones if any tragedies were to occur.
If you fall in this age bracket, you are young and most likely very healthy. You are in a stage in your life where you are learning the way of the world. Perhaps you are seriously dating someone or you’ve landed your first job in your career field. Whatever the case, you may not have accumulated many funds or assets yet. For individuals at this stage, term life insurance policies are the best option. Term life insurance premiums are substantially lower than those of permanent life policies, especially for young and healthy adults.
As a young adult, you are most likely in a position to warrant low premiums. Ultimately, underwriting determines the level of risk associated with the individual and determines the premium and eligibility based on their level of risk.
Term life insurance policies are amazing assets. They feature low premiums and are renewable at the end of each policy term. Term life insurance policies are great assets to leverage in securing loans. If you are nearing your thirties, chances are you are looking to settle down into your first house. A benefit of term life policies is that you can use them as collateral when securing loans for housing. In addition, when the need presents itself, a rider can be attached to your term policy to make it a permanent (whole life) policy.
Chances are you’ve settled down by now. You’ve met your significant other, might be married, and may have started a family. Depending on your profession, you may currently be at the peak of your earning potential, and your family probably depends on your income.
Now is the time to ask the question: “Would my family be financially secure if I passed away?” Considering a life insurance policy with a sufficient death benefit should be crucial in your decision-making process.
Permanent and Universal life policies offer guaranteed payment of the death benefit as long as premiums are paid. These policies feature death benefits that are significantly larger than those of term policies and are undoubtedly enough to guarantee financial security for your family. Many riders can be attached to permanent life policies to protect you if you should become disabled or dismembered. In addition, riders exist that will provide additional coverage to your spouse or children.
That’s right, you’re a silver fox now! It’s a result of decades of hard work and dedication. Aside from your achievements and progression in your career, you may find that your needs have changed. The kids are either off to or out of college and might be living on their own. It may just be you and your significant other finally having the chance to reconnect. Or, maybe you’re on the brink of retirement.
Once your family is no longer dependent on your income or you have chosen to retire, it may be time to consider changes in your policy, policy review, or settling on your insurance policy. Begus Insurance Group offers policy reviews at no cost to the policyholder. In addition, Begus aids policyholders in settling on their insurance policy and potentially earning four times more than the cash value that has accumulated over the years in their policy. Begus Insurance Group is here to extend a helping hand.
Let Us Help You!
Everyone’s needs change over time. As your needs change, so should your coverages and the financial protection provided by your life insurance policy. Begus Insurance Group is proud to extend its services to nearly a dozen states within the continental US. The agents of Begus Insurance Group are all fully licensed and certified experts in the field of life insurance. If you’d like more information, contact Begus Insurance Group today!