Many people ask us, “when is a good time to get life insurance?” Well, it varies. If you recently got married, added to your growing family, or started a business, we recommend getting a term life policy. The bottom line is you need a way to protect your dependents, financially, if something were to happen to you.
Life insurance is a contract between you, the policyholder, and an insurance company that provides financial protection against death. If you die sooner than expected and had coverage in place, the policy will pay out a death benefit to your loved ones or whoever you list as your beneficiaries. This death benefit can be used for any purpose, including gas, groceries, student loans, medical bills, etc.
There are two primary types of life insurance; permanent life and term life insurance. Permanent life insurance lasts for your entire lifespan, while term life only lasts for a set period. To keep either type of coverage active, you must pay your premiums. Though, regardless of whether you pay your premiums or not, term life plans will end at some point.
If you pass suddenly, it may leave important people in your life responsible for debts that you owe. This could put them in a very difficult position, adding unwanted financial stress to an existing emotional burden of loss.
To protect your family, you should prepare in advance with a life insurance policy. Here are some particular scenarios that warrant life insurance:
If nobody in your life will be financially hurt by your sudden absence, you likely won’t need a life insurance policy. Instead, you may find it helpful to invest your money in other assets, such as stocks, bonds, and retirement funds.
With that said, the younger and healthier you are, the more affordable life insurance will be. If your life has the potential to change in the future, consider getting coverage now while it is still at a good price.
Find out if life insurance fits your situation by calling Overton Agency. We can help you determine how much coverage you need, then guide you to a plan that falls within your monthly budget. To reach an agent directly, please call 501-881-2050.
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