Updated: Sep 13, 2020
Many hold off on purchasing a life insurance policy because they don’t understand when or why they might need it.
What exactly is life insurance? Life insurance is a contract in which the insured pays a premium to the insurance company in return for a sum of money to be paid to them after a period of time, or to their designated beneficiaries after they have passed.
Purchasing life insurance is typically a good idea when one has many financial obligations such as mortgages, families, and other sorts of debt. However, those aren’t the only situations in which life insurance is beneficial. Life insurance is a good idea for young single adults as well!
As a matter of fact, the younger and healthier you are, the less expensive your life insurance will be. The older you get, the more prone you are to health problems that may get you declined by insurance companies.
Life insurance is a good way to ensure that in case you die, your funeral expenses will be covered and debts paid off. And if you do have a family, it’s nice to know that they’ll have some financial protection.
Talk to us today about the different types of life insurance, and find out why NOW is the time for you to look into purchasing a policy.