In all honesty, right now is the best time to get life insurance if you haven’t already. A life insurance policy is one last thing you can do to protect your family should you pass away. It’s one assurance in a life filled with uncertainties.
5 of the Best Times to Get Life Insurance
You’re in Your 20s
There are two very good reasons to get life insurance in your 20s. 1.) It’s much cheaper, and you can lock in the lower rate. With each passing year the same life insurance policy will go up in cost. 2.) With a permanent life insurance policy you can take advantage of the cash value that grows over time.
Unfortunately, young adults tend to have more debt to pay off (see below) and aren’t as concerned with death, so life insurance isn’t high on the priority list. But the simple fact alone that a 20-something is more likely to have debt is reason to sign up for a policy.
You’re Getting Married
Getting married is one of the biggest life altering events a person will go through. Suddenly, all of your finances are tied to another person with two words – “I do.”
When you’re planning nuptials it’s the perfect time to examine your insurance policies and make adjustments as needed. You may find that you need less coverage if there are two incomes coming in, or you could discover life insurance is a real must if you’re the breadwinner of the family.
You’re Having a Child
Another big life change that warrants life insurance is having a child. Your whole world changes when a young child is dependent on you for everything. It’s one of the biggest motivators for opening a life insurance account. It serves as reassurance that your dependents will have some sort of financial assistance if you aren’t there to provide for them.
*Something more Americans are having to consider is the possibility of having a parent as a dependent. If that’s a possibility, it’s the same as having a child dependent and life insurance is a true benefit.
You Have a Dangerous Occupation
Some jobs are much more dangerous than others. While most workers have next to no chance of dying on the job, some occupations like fishing, logging, and truck driving are very risky. If you should die on the job your family may not get enough assistance from workers comp death benefits. Life insurance is a safety net when your job doesn’t have one.
You Have Significant Debt
Guess what? If you have debt when you die it doesn’t just get automatically written off. Creditors will be paid off by your estate before benefits go to any beneficiaries. So, if you don’t have enough cash to cover your existing debts it’s a good idea to have life insurance. The benefits of the policy can be used to pay off debts and preserve other assets from being liquidated.
Getting life insurance is just one part of advanced planning. If you have questions about the direct cremation process and how it compares to other options, please contact our team today.