Whether or not life insurance is a good investment for you depends on your individual finances as well as the length you’ll need coverage.
Life insurance can cover loss of income, funeral expenses, debt and other financial needs that might come up after you pass away. Once you sign on the dotted line and start paying monthly, what you’ve really bought is peace of mind—peace that you’re providing financially for your loved ones even after your death.
Why should I get life insurance?
- You have children
- You are married
- Your job is high-risk
You want to ensure the financial security of family members if you’re suddenly not around to provide it. Should you die, the proceeds will help you keep the promises you have made to the people who are important to you. By protecting their financial future, you’re enabling your loved ones to maintain their lifestyle, if something unexpected should happen to you.
Benefits of different kinds of life insurance
Term life insurance – you pay a specific premium for a defined term (example 10 years)
- Lower cost
- Easy to understand
- If you no longer need it or can’t afford it, you can turn it down and walk away without losing anything.
Whole life insurance – permanent life insurance that lasts your entire life.
- Permanent life insurance
- Provide tax-advantaged estate planning benefits
- Could have long term savings
At What Life Stage Should You Buy Life Insurance?
The first thing you need to know about life insurance is that the younger and healthier you are, the less expensive it is. It doesn’t matter what stage of life you are in, just know the sooner you get it the cheaper it will be.
If you’re considering buying a policy, make sure you do your research before signing up.
Need to get life insurance? Contact us at mypfg.com today!