One of the most common questions insurance agents receive is, "What is the best age to purchase life insurance?" In fact, to get the cheapest rate, the best time to buy coverage is as an infant. However, for most people, the answer to the question is, "Now." The price of coverage will only rise over time, and you probably need the protection, even if you don't realize it. Below are some of the reasons it's important to buy life insurance as early as possible.
Why You Need Life Insurance Now
To Cover Your Debt
If you have considerable credit card debt, student loans, or a home mortgage, an insurance policy will pay off the outstanding amounts if something should happen to you. Otherwise, payment will have to come out of your estate, and this could leave your dependents financially destitute.
To Secure Your Family
If your family depends on your income, they could be forced to uproot their lives, move to a new home, and struggle with finances once you are no longer there to provide. A life insurance benefit acts as a buffer until other arrangements can be made, keeping your family safe from financial upheaval.
To Provide an Education
If you plan to send your children to college, a life insurance policy can provide that opportunity even if you are not there to pay for it. This type of college savings plan offers tax advantages, and many policies let you borrow from them without penalty.
To Pay Final Expenses
Even if you don't have a spouse or dependents who rely on your income, if you should pass away unexpectedly, someone will have to pay for the funeral arrangements. These can amount to tens of thousands of dollars. The responsibility may fall on a friend, sibling, or parent, and this type of unexpected expense could be devastating on top of an already unfortunate loss. To free your survivors from this type of burden, consider a small life insurance policy designed to cover final expenses.
As you can see from the information above, the best time to purchase life insurance is now. The cost only rises as you get older, and without it, you leave your dependents and loved ones unprotected. For expert assistance, contact Grachek Insurance in Kalispell, MT. They've been serving the Flathead Valley for more than 30 years and they also offer business, home, motorcycle, and auto insurance. Visit their website for location details or call (406) 755-4000 to request a quote.