Are you a woman over the age of 25? If so, your current priorities may range from pursuing a career, travelling the world, starting a family or building wealth. We get it; getting life insurance may not be on your to-do list just yet —but it should be!
In this article, we will discuss some of the main reasons why it is beneficial for women to invest in life insurance earlier rather than later.
What Is Life Insurance?
This article will discuss “permanent life insurance” and “term life insurance”.
Permanent life insurance is coverage that people get throughout their lifetime. This coverage typically ensures that their loved ones receive a payment if the insured person dies.
On the other hand, term life insurance provides coverage for a specific period or “term” of time, usually ranging from one to thirty years. The policyholder pays a regular premium to the insurance company for the duration of the term. In exchange, the insurance company agrees to pay a lump sum to the designated beneficiary if the policyholder passes away during the term.
Unlike permanent life insurance, term life insurance does not accumulate cash value over time. Instead, it provides pure death benefit protection for a set period
, making it a more affordable option for many people.
In both of the above examples, the insurance company establishes a contract with the insured person, which states that the insured person must pay the insurance company premiums in exchange for the insurer paying a specified sum to designated beneficiaries if the insured passes away.
Everyone can and should get life insurance independent of their occupation, lifestyle, or medical condition.
Why Do You Need Life Insurance?
Generally, it’s a good idea to get life insurance if a person has any type of debt, such as student loans, mortgages, credit cards, or personal loans. If a person has life insurance, it provides financial support to one’s beneficiaries when they pass away. But beyond just covering your debts, there are other reasons why life insurance should be a top priority earlier rather than later.
Do any of the below apply to you:
● In good health
● Have some type of debt
● Currently have or are planning to get married or have children
If you checked off at least one of these boxes, you should consider getting life insurance earlier rather than later, and here is why:
1. It’s Less Expensive When You Start Early!
Usually, life insurance costs depend on one’s age, gender assigned at birth, lifestyle, occupation, medical history, and current state of health. Life insurance tends to be more expensive as you get older, which is why it’s a good idea to get it early so you can take advantage of the lower rates.
2. Financial Protection for Your Loved Ones
Even a tiny amount of life insurance might help your loved ones from having to cover funeral costs in the event of the unexpected. Also, it could aid in paying off whatever debt you currently owe, such as student loans, mortgages, credit cards, or personal loans.
3. Protecting Your Children’s Future & Building Generational Wealth
Suppose you have or plan to get married or have children. In that case, life insurance could help your loved ones financially if something happens to you. Some families have been able to clear debt and change the trajectory of future generations because of a family member who was responsible enough to invest in life insurance. As you think through your insurance premium, consider that the death benefit sum should be sufficient to pay off all your debts and responsibilities, replace your income during the years when your loved ones would still be dependent on you, as well as cover expenses like a college education for your children.
4. Securing Your Ability to Get Insurance
Just as the saying goes, the early bird catches the worm. A medical condition can make it challenging to obtain affordable life insurance, so it’s best to invest in life insurance when you’re still young and healthy.
As you can see, several reasons make it to invest in life insurance as early as possible; this includes a lower cost, financial protection for your loved ones, and a more straightforward approval process. At AG Group Enterprise Inc., we are dedicated to helping you address your life insurance-related questions and identify the best action for you and your loved ones. Contact us today to schedule a FREE Consultation and pricing for your life insurance.