Answer: It’s going to be the people you leave behind.
Life insurance is about making sure that your loved aren’t saddled with these expenses. It’s about peace of mind and being responsible for the ones who have to pick up the pieces and move on.
That’s why life insurance is about investing in the future.
What Kind of Life Insurance Policies are Available for Ages 18 – 30?
Life insurance comes in 2 types which include term life insurance and permanent insurance.
Term insurance is for life but you buy it in periods of time known as a term such as 10 years, 20 year or 30 years for example. You can also buy policies which to a specific age such as 55 or 65.
It is the cheapest form of life insurance that you can buy. It pays out death benefits only, but these benefits are paid out as a lump sum and go directly to your named beneficiary.
Although you might think about buying a shorter term such as a 10 year term, you should know that life insurance becomes progressively expensive as you get older.
When you’re young, the best approach is to buy a longer term such as 20, 25 years or even a 30 year term because the premiums will remain constant for the life of the term. If you go to re-new after 10 years, you will find it a lot more expensive to buy. If you buy a longer term now, you will end up saving money.
Permanent insurance comes in 3 types of policies which I will only discuss very briefly. The types of policies include whole life, universal life and variable life. Permanent insurance is much more expensive to buy than term insurance.
Why? Because not only does a permanent policy provide your loved ones with death benefits but these types of policies also come with a cash value accumulation feature which build up over the life span of the policy.
Permanent policies have certain advantages such as providing you with a savings for your retirement. The proceeds of both the death benefits and the cash value accumulation are also tax deferred for your beneficiaries.
How Much Life Insurance Should I Buy?
The majority of experts say that the ideal minimum amount of life insurance you should buy should be equivalent to 10 times your annual salary.
Have Questions About Life Insurance?
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 877 – 966 – 9383.