No matter what your age, it’s probably a good time (and not too late!) to think about getting life insurance. It’s a key step in financial planning.First, a crash course in what
Does Life Insurance Make Sense?
Dated: July 7 2022
No matter what your age, it’s probably a good time (and not too late!) to think about getting life insurance. It’s a key step in financial planning.
First, a crash course in what insurance is: When you purchase a life insurance policy, you make recurring premium payments. Should you die while covered, your policy will pay a lump sum that you’ve selected to the beneficiaries you have designated. It’s an important way to know that if you weren’t around, working hard, your loved ones’ expenses (housing, food, medical care, tuition, etc.) would be covered. Granted, no one wants to imagine leaving this earth, but buying life insurance can give you tremendous peace of mind.
In terms of when to buy life insurance, here are a few points to keep in mind:
- It’s best to apply when you’re young and healthy so you can receive the best rate available.
- Typically, major life events signal people to buy life insurance. These are moments when you realize someone else is depending on your (and, not to sound crass, your income). It could be when you marry or have a child. It could be when you realize a relative will need long-term caregiving.
- Even if you are older or have underlying health conditions, there are options available to you. They may not give as high an amount of coverage as other life insurance policies, but they can offer a moderate benefit amount and give you a degree of peace of mind.
Picking out the right life insurance policy can seem complicated, but in truth, the number of choices just reflects how easy it is to get the right coverage for your needs. There’s truly something for everyone, regardless of your age or budget.