Never ask a barber if you need a haircut. When you meet with a financial advisor or insurance rep, most of them will tell you right away that everyone needs a life insurance policy.
But this fact isn't true for everyone. If you're asking yourself should I get life insurance, here's an overview of when to get a policy and when to skip it.
Do I Have a Life Insurance Policy?
There are people who have life insurance included with their health benefits through an employer. This is one of the top reasons to skip a life insurance policy.
You might need supplemental insurance if the policy isn't enough to cover your family's needs in your absence. These policies are fairly inexpensive making it a cost-effective solution to make sure your family's costs are covered.
If you're single you can simply stick to what you have as long as its enough to cover your funeral expenses. The same can be said if you're married, but aren't the breadwinner in your home.
Adding on to an existing life insurance policy is a waste of money when children aren't involved.
Life Insurance Age
The recommended age to get a life insurance policy is whenever another person begins depending on you financially. This age varies for different people.
Usually, by age 25, you want the option to cover your own funeral expenses if you were to reach an untimely death. Families rarely expect young people to die, but sudden illness waits for no man.
You can cover these costs with a simple term life insurance. Term life insurance is significantly cheaper than whole life. While you're still young, term life insurance is the best option unless you have the disposable income to invest in whole life.
The major difference between term and whole life is the length of coverage. Whole life lasts your entire life while term lasts for a set period of time.
Many people get term life insurance if they're in good health to avoid the high expense of whole life. Switching between the two policies is fairly simple as long as your physical exam comes back good.
Once you're over the age of 40, there are more steps to take to get a new life insurance policy. With existing medical conditions, these steps increase and there are fewer policies available to you.
It's a good idea to start young with a life insurance policy since you can't predict what the future holds for your health. Find a policy that fits your budget with instant life insurance quotes.
Should I Get Life Insurance?
The decision to get a life insurance policy is very personal. If you're still asking should I get life insurance, the answer is probably or yes.
In very rare situations, a person can skip life insurance and it has no impact on the people they love. But don't count on your spouse's or parent's situations remaining unchanged over the years.
Get a life insurance policy in place so everyone is protected. For more information and tips, visit the Insurance section of our blog.
