When Is the Right Time to Consider Life Insurance?

Should I consider life insurance? Top life moments you may consider getting  covered | Real Insurance

Most of us don’t want to think about life insurance because considering our own mortality can be unsettling. However, there are certain times in life when discussing life insurance becomes crucial. Here are some moments when you should seriously consider getting life insurance, along with an overview of the different types available.

Getting Married The first time I thought about life insurance was when I got married. I wanted to ensure my husband would be financially secure if anything happened to me. Life insurance can help cover regular bills and prevent severe financial hardship for your spouse. It provides a payout that can help with bills, funeral costs, and living expenses, making it an essential consideration when you get married.

Having a Family I seriously considered life insurance again when I had my first child. Having children brings a new perspective, as you want to protect their future. Life insurance can help ensure your children’s financial security, covering everything from daily expenses to future educational needs. When I purchased my policy, I listed my children and husband as beneficiaries to provide them with a financial cushion for the future.

Types of Life Insurance Once you decide to get life insurance, the next step is choosing the right policy. The main types of life insurance are term and whole life insurance, each with its own benefits and considerations.

Term Life Insurance Plans Term life insurance is my preferred option. It provides coverage for a specific period, typically 10, 20, or 30 years. My current policy is for 30 years, and I don’t plan to renew it once it expires, as my children will be independent by then. Term policies are common and can be quite affordable.

Bestow Bestow offers free life insurance quotes from different carriers. They provide instant quotes and coverage without a medical exam, making it easy to get started.

  • 10-year terms up to age 55
  • 20-year terms up to age 45
  • Policies up to $1 million

Nationwide I have used Nationwide for years because of their excellent service and competitive rates. They require a medical exam, which helped me get a lower rate as a “Preferred Plus” customer.

  • 10, 15, 20, and 30-year terms
  • Coverage amounts of $250k, $500k, $750k, and $1 million
  • Option to convert to permanent life insurance at the end of the term

Whole Life Insurance Plans Whole life insurance is different from term life as it provides coverage for your entire life and can build cash value. These policies are more expensive but offer additional benefits like dividends and the ability to withdraw cash.

MassMutual MassMutual requires a medical exam for all policies. Their whole life policies can be significantly more expensive than term policies but offer benefits like:

  • Death benefit
  • Dividend payments
  • Cash value accumulation

State Farm State Farm offers two whole life policy options, both with similar benefits. One option has lower premiums but requires longer payments.

  • Supplemental retirement income
  • College funds for children
  • Starting a business
  • Home renovations
  • Travel
  • Family support
  • Charitable donations

Getting Life Insurance Summary If you’re considering life insurance, think about why you need it, your age, the coverage amount, and whether you prefer term or whole life insurance. Answering these questions will help you make an informed decision and find the best policy for your needs.

Leave a Reply

Your email address will not be published.