Life Insurance: Affordable, Essential Protection Plan For Your Family

Whether or not you should purchase Life Insurance is one of the most surreal financial questions adults face. Understandably, no one wants to confront mortality head-on, let alone spend hard-earned money on something that only becomes useful once they’re gone. Life insurance, however, is one of the most selfless investments a person can make. 

Knowing if and when you should buy Life Insurance can be somewhat tricky to navigate. According to Investopedia, the prime age to obtain or purchase Life Insurance is any time under 35 years old, as a rule of thumb. However, the decision really comes down to various life circumstances, such as the number of dependents you care for, how much wealth you have, and your assessment for risk. 

Family Changes Priorities

If you are purchasing Term Life Insurance, you will have to renew the policy after a pre-determined number of years. Those premiums are locked-in for the life of the policy. Term Life Insurance policies usually span 10, 20, or 30 years.

For instance, let’s say you’re 30 and plan to have children. In that case, purchasing a 30 year Life Insurance policy would lock in your premiums until you’re 60. The trade-off is that the starting average policy for a 30-year policy is a little more money than say a 10-year policy, precisely because you’re locked in. The older you are, the higher the chance or risk of health concerns you may have. A person purchasing Life Insurance at 40 years old, will have a higher premium quote for a 30-year plan, than the 30-year-old, simply because with greater age, comes greater health risk, so it is a great tool to be able to purchase a locked in policy to keep your premiums affordable! 

Whole Life Insurance

A Whole-Life Insurance policy lasts until you pass away, presuming you continue to pay your premiums. Your premiums are locked in, which is ideal, and it has the added incentive of being able to extract cash from the value of the plan. 

In summary, purchasing Life Insurance, whether it’s Term or Whole, sooner rather than later can help you lock in lower, more affordable premiums. If you have dependents such as children, a spouse, or even parents that you’re caring for, it’s in your best interest to purchase a policy, even if you’re relatively young. Should anything happen to you, you will at least have the peace of mind to know that you will leave your loved ones with the financial means to settle any remaining expenses, cover the final costs, and have some money left over for their future. 

Group Plans Inc can assist you in choosing and purchasing the best Life Insurance Policy that suits your family, your needs, and most importantly, your budget, while assisting you with any concerns, or questions you have, as well as assistance managing and utilizing the policy when needed. Reach out to us today to speak to a licensed expert in Life Insurance and let us help you protect the ones you love. Call (623) 889-7600 or fill out the contact form below!


Contact Us