3 Things You Need To Know About Buying Life Insurance
Why Is Life Insurance Important?
Life insurance is important because it serves many practical purposes that apply to almost everyone at different stages in their life. Many life events are perfect opportunities to have your life insurance needs professionally reviewed by your insurance broker. The harsh reality is that we will all die one day. If life goes according to plan we will retire & live comfortably with our families & die peacefully from natural causes. However nothing in life is guaranteed. That is why it is your responsibility to plan for your financial future & make wise decisions that will provide for your family’s well being. Using life insurance as a financial tool to protect your family and your wealth is a critical part of planning for your financial future. The primary objective of life insurance is to protect against dying prematurely, but life insurance also serves many other benefits.
What Are The Benefits Of Life Insurance?
Life insurance protects against dying prematurely. Life insurance can pay off mortgage, car loans or credit card debt, provide a monthly income to your family, send your kids to college, support a charitable organization, supplement your retirement, pay for your funeral expenses and help you leave a Legacy behind. If you have a business, life insurance can give your spouse the opportunity to buy the business from the surviving partner. Many people use life insurance as a tool to accomplish different goals. Speak with your life insurance adviser on how to properly plan for you and your family’s financial future and decide what options are right for you.
What Age Should You Buy Life Insurance?
It depends on what is going in on your life. People get married, have children, buy homes and start businesses at different ages. The younger and healthier you are the better rates you will qualify for. The ideal time to buy life insurance is before you anticipate needing it while you are young and healthy. Unfortunately many people desperately want to buy life insurance after they have been diagnosed with serious health issues. Depending on the health issue, they may be disqualified altogether from purchasing life insurance or they may be able to purchase life insurance at a premium significantly higher than what they could have purchased it for had they planned in advance. Some people falsely believe that they do not have a need for life insurance because they have coverage through their employer. While that can be a great place to start, it is not the responsibility of your employer to plan for your financial future. You should max out what you can through your employer provided benefits but you should also own a policy of your own that will adequately reflect your needs. Having a simple multiple of your income indicates that the bare minimum requirement of planning was put into protecting your family and the majority of the time the coverage provided through work is either insufficient or does not pay out because nobody ever claims the benefit. Not only that, but your employer can decide to discontinue your employer provided life insurance at any time. Since you are not the policy owner, your family’s future is being put in a very precarious position. However, you can do something about it and at Legacy Insurance Group, we would love to help you and your family achieve your financial goals together.
Have your needs evaluated for free by one of our life insurance experts by calling us at 703-430-1200 today!
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