Life Insurance is a contract between you and an insurance company that – give up to date your monthly payments – guarantees a prearranged sum of money for your loved ones when you die.
Those who receive this payout will rest more easily when it comes to how they’re going to pay the bills, maintain the home, and put food on the table—the important things.
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Consulting (first ipsum from dolor amet nulla)
FREE!
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$60
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$55
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$60
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$120
If you’re young and single, there’s no immediate need for life insurance. The only person you’re looking out for is you. If you have the option to take out some group life insurance through your employer, fine, it’s a good idea. But if you’re laden with student debt (not an unlikely circumstance) then a life insurance policy to cover your income while you’re paying off this debt is a smart move. We can talk you though some numbers to sort that out.
You’re about to start a long journey as a partner, which may involve getting a home and a mortgage at some point. You’re both contributing to the partnership in some way and you will want to protect your spouse if anything were to happen during the journey.
Having young children (teens too) means you have dependents, which means you need life insurance. Your income covers the cost of childcare, school fees, medical bills and everything else they need. Protect this income with life insurance until your children are college age and able to support themselves with their own paychecks. And THAT feels good!
Thank goodness!! The kids have left home and can support themselves – well done! But, you’re still paying off your mortgage while working towards your retirement. You need some life insurance to protect that income of yours. The untimely death of you or your spouse could leave the other with debt – and that’s the last thing either of you want the other to face heading into retirement.
No, it’s not too late. You could get a term life policy to cover you until your debts are paid off and you’re self-insured. Being self-insured means you’re debt-free and have enough in the bank to look after your dependents if you died. Life insurance will cost you more if you’re buying it when you’re older, but a small term life plan which is short in length won’t hit your pocket very hard.
Using the scenario of a 30 year old male in good shape looking to buy a $250,000 policy we can determine:
If we were to offer this 30 year old the same coverage but as Term Life Insurance:
