Have you considered buying life insurance but haven’t made the move yet? Here’s why you should make that decision.
“The right time to buy life insurance is now instead of later,” said Don Ritchey, president of Block Insurance. “A life insurance purchase is easy to put off. A lot of people think they’re going to do it but never get around to doing it. “
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Why Should I Buy Life Insurance Now?
The younger you are when you purchase your life insurance policy, the less expensive it’s likely to be. As you age and accumulate more health problems, the cost of life insurance will go up.
“We don’t have the next day promised to us, and our health is never promised to us, so if we would be diagnosed with some kind of ongoing medical condition, it may be impossible to get life insurance,” Ritchey said.
Buying a life insurance policy now can help protect your home and maintain financial security for your spouse or family if something were to happen to you.
Getting married, buying a house, starting a business and having children are all common reasons you may want to buy life insurance.
Related: When is the right time to get life insurance?
How Does Life Insurance Work?
A life insurance policy can help cover final expenses, pay off any debt you might have and replace your income.
There are three types of life insurance policies to consider:
- Term life
- Whole life
- Universal life
Term life is simple – a death benefit that’s offered for a certain period of time. Once that period is up, the policy will be discontinued. This is typically the cheapest short-term option, but it will need to be replaced eventually.
Whole life is a bit more expensive, but it will last your entire life as long as you continue to pay the premium. You can never outlive a whole life policy, so if you’re looking for peace of mind, it might be a good choice.
Finally, universal life is very similar to whole life, but it’s more flexible.
“You can add people, remove people, change the premium, increase the coverage,” said Ritchey. “It’s got a lot of options to it. It’s a flexible product, but you have to watch it and make sure it’s performing as you anticipated.”
Get a Free Life Insurance Quote
Interested in getting a life insurance quote? Don’t keep putting it off – we can make the process easy for you.
When you request a life insurance quote, we’ll just ask you a few questions about your general health to find the right option for you. Because we’re an independent agency, we can shop around with our providers and find you the best coverage for the best price.
Get your free quote today.
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