Many people are surprised to find that the best age to secure life insurance is under the age of 35! Most people do not start seriously thinking about life insurance until they are over the age of 50.
While many people are not yet insured, plenty of people have made the choice to have this protection. 52% of net premiums go to either health insurance or life insurance.
Life insurance is not only about taking care of final expenses it can also be a great investment tool. The sooner you purchase life insurance the sooner your money can grow.
Who Needs a Life Insurance Policy?
Insurance, in general, is a great way to protect yourself and your family. Deciding whether you need life insurance right now depends on whether:
- Anyone depends on you for support
- You want to be prepared for the future
- You are looking for a tax deferred investment option for the long term
No matter your age, if you have children or anyone that depends on you for financial support it is important that you have this type of insurance. If something happens, and you are not insured, the people that count on you will face financial hardship.
Taking control of the future is another reason that people of all ages opt in for a life insurance plan. It can deliver peace of mind knowing that you have a plan in place that will cover final expenses and more.
If you want a safe investment vehicle where you can park money for the long term, life insurance would be a good way to expand your portfolio.
Know Your Options
There are primarily two types of life insurance. Term life insurance and cash value insurance. Term life insurance usually has lower monthly premiums than cash value plans but is not a cash value instrument.
Cash value plans can be a universal life plan, whole life plan or a variable life plan. A life insurance company can go into detail and explain the different coverage to you to help you make the right choice.
Where Can You Get This Type of Insurance?
In some cases your employee benefits Sioux Falls SD will include minimal life insurance Sioux Falls SD which may or may not be enough coverage. In other cases, your employer may not include this insurance as part of your benefits package. In both cases it is important to speak with an insurance expert.
An insurance specialist can talk to you about your options and provide you with a plan that will meet all your needs. It is a simple way to learn more about the benefits of these plans.