There’s no perfect time to purchase life insurance

LifeInsuranceHandsLife insurance is one of those things that most people don’t like to think about and it makes them uncomfortable. However, life insurance is a crucial step in planning for your future and the future of your loved ones. While not pleasant to think about, certain life events may trigger your need to truly consider making a purchase of a policy to help protect your family. Also, as events happen in your life, your life insurance coverage may need to change to adapt to your current needs.
It’s also important to keep in mind that the earlier individuals purchase their policies (i.e. when they’re younger), the earlier coverage begins and the lower the premiums most likely will be.   Keep these various life events in mind when evaluating whether now is the right time to purchase or increase your life insurance:[checklist]

  • Buying a new home.  New homeowners should consider whether they can afford to pay the mortgage on their own should their spouse pass away.  For optimal protection, you may want to consider term life insurance as a smart way to ensure your family has the funds necessary to pay the monthly mortgage or even pay off a home loan in its entirety.  Term insurance gives a policy holder the option to select a beneficiary and coverage amount. Plus, a term life policy isn’t limited to a single purpose, so you can also use it to pay personal loans, college expenses or any other debts threatening your family’s security.
  • Starting a new job.  A new job often comes with a promotion, which means an increase in salary.  Policyholders should consider increasing their current coverage to protect those extra funds.
  • Getting married.  If you’re preparing to walk down the aisle, now is the time to evaluate life insurance needs, review beneficiary designations and ensure current coverage is sufficient to protect your spouse.  Supplemental insurance may cost less than company-provided benefits and provide more coverage than adding a new spouse to an employer-sponsored policy.
  • Having a baby.  First-time parents may want to consider increasing their current coverage to ensure they can provide the best protection for their growing family.  If something happens to a policyholder, beneficiaries can use the insurance benefits to pay for child care, education and ongoing household expenses.
  • Planning an estate.  Some people may consider purchasing a universal life or whole life policy to help their beneficiaries pay estate taxes as well as provide additional benefits for protecting wealth. [/checklist]

Life insurance will not only protect those you love most, but also will provide you and your family with a peace of mind that money can’t buy.  If you would like to talk through the benefits, policy and coverage types, and costs associated with life insurance, please contact our office and we would be more than happy to assist you.  Remember, as life changes, so do your insurance needs.