Why should I get life insurance?

A general rule of thumb is to ask yourself this question:

Does anyone depend on your income to live? If you answered yes, then you should consider life insurance.

We get it, this isn’t a fun topic to talk about but think about your life 20 or 30 years ago, 10 years ago, 5 years ago, or even one year ago. How have life events changed over those years?

  1. Did you buy a house?
  2. Married or Divorced?
  3. Started a family?
  4. Joined a new business or launched your own company?
  5. Retired?

Those steps in your life are a few reasons why insurance doesn’t have to start later in life. As your life changes, so should your life insurance policy.

At what age should I buy life insurance?

It’s important to note that your age, health, gender, family medical history, and other considerations affect your insurance cost. Insurance premiums are based primarily on life expectancy, so the younger and healthier you are, the cheaper your premium payment. The exact timing of when to get insurance also depends on your personal situation such as who else relies on you for financial security.

What exactly is life insurance?

Life insurance provides a lump sum (usually tax-free) benefit to replace lost income after you pass away. This coverage offers affordable financial protection and peace of mind to people whose friends or family rely on them.

What kind of life insurance coverage do I need?

There are 2 types of life insurance; term and whole.

Term Life Insurance:

Think of term as renting instead of owning

  • Short-term protection
  • No cash value
  • Lower cost

Whole Life Insurance:

Think of whole as owning instead of renting

  • Long-term care and protection
  • Builds cash value
  • Higher cost