Life insurance protects the ones you love most from the financial consequences if something were to happen to you. While many people mistakenly believe that only parents or senior citizens need to purchase a policy, everyone needs this vital coverage. Knowing when to purchase life insurance can save a great deal of money in the long run and spare your loved ones from financial disaster.
Should You Purchase Life Insurance When You’re Young?
How Does Buying Young Affect Rates?
While recent college graduates are typically more concerned with paying back their student loans and starting their careers, this is also the optimal time to purchase life insurance. These policies are age-banded, with premiums that steadily increase as you grow older. Buying a policy when you’re young allows you to lock in a low rate for decades to come, providing coverage for the future when you may be providing for others.
What Does It Cover?
One benefit of life insurance is that it will cover the cost of your memorial service. The average funeral costs $8,000 or more, especially if your family wants a special service. Rather than having your loved ones go into debt or spend their savings if something happens to you, life insurance will cover these costs so those you care about can focus on one another.
What Other Benefits Will It Provide?
If you and your spouse both work, would they be able to pay the mortgage and all the other expenses without your income? If not, you may choose to leave behind enough insurance for them to pay your marital debts. A policy will allow them to begin rebuilding their life without worrying about finances.
Area Wide Insurance Agency in Naples, TX, offers affordable policies backed by one of the industry’s most trusted carriers. Over the years, customers throughout northeast Texas have come to rely on them for detailed advice and coverage options designed around their needs. Get more insurance tips and insight on Facebook, and visit their website or call (903) 897-5651 now to request your free life insurance quote.