The Importance and Benefits of Having Life Insurance at all Stages in Life
When just starting out in the working world, the newly employed tend to seek ways to improve their finances. This can be an exciting time, but to effectively grow their fiscal well-being, it’s imperative for these people to take a close, hard look at what options are available to them to do so, including life insurance.
We at WFG Financial know it is never too early to examine life insurance options as a part of a person’s financial strategies. Getting covered at an early age is smart, but there are specific situations in which consumers may benefit from revisiting their options.
Why life insurance is a smart choice
Life insurance is important, as it helps keep a policyholder’s family secure in the event of an emergency. Depending on the policy, it may also give a guaranteed payout down the line, which can be necessary, especially when dealing with a major life event. Regardless of which policy is selected and from what provider, there are some life events where it is important to seek out life insurance options.
1.What to consider when getting married
For those getting married, life insurance is an ideal avenue to explore if they have not yet taken advantage of it due to a number of factors, including the ability to get a good rate and the increased chance of having a successful policy through the duration of a person’s life.
How does this work? Well, there are a number of benefits. Getting a life insurance policy at the time of marriage can help secure a better rate than waiting until later. As a person gets older, they may be at a higher risk of getting sick, which could spike rates. This is prevented due to rates – in many cases – being locked when the policy is taken out.
This may further help a couple better afford other major investments, as it affords them the ability to take some money if, say, they’re interested in putting a down payment on a home, or make other major investment.
2. When a baby arrives, changes may be necessary
Another important milestone during which life insurance options should be examined is when a couple decides to have a baby.
Getting a certain amount of insurance at the point of marriage is one thing, but this may need to be increased to cover the child. Disability insurance may need to be higher, in order to help support a child in these situations.
3.Important to have insurance later in life
By the time a person hits their 60s and retirement is quickly approaching, it may very well be time for them to utilize their life insurance policy. Of course, this means securing one at an early age.
Life insurance premiums can rise significantly when a person is older, so having a financial plan that involves a policy early on can help keep a person from hurting their family’s future.
With the many different types of life insurance policies available, it could be both exciting and daunting to find the right option. Speaking with a financial planner about these options may help give a person the know-how required to be successful.
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Category: Life Insurance
