Life insurance means different things to different people. Age has a lot to do with the type of life insurance policy that a person will choose. Every type of life insurance policy offers unique benefits that can help take care of different obligations during different stages in your life. Therefore, knowing which policy is most beneficial for your age is important.
Young and Preparing for the Future
The younger you are when you purchase your first life insurance policy, the more likely you will be able to get the type of policy you want without requiring a physical exam. Whole life insurance will pay out the full amount of the policy if something happens to you. By purchasing this type of policy while you are young, your premiums will be lower, and you may have the option of borrowing against it once you have built a little equity.
Caring for Your Family
When you start a family, you will have multiple financial obligations to be met if something happens to you and your family loses your income. A whole life policy is the best way to ensure that your financial obligations are met and that your family is cared for after your income is lost. Many times, the amount of your original life insurance policy can be increased as your life changes. For example, getting married, having a child, or buying a new home can increase the amount of life insurance you need to protect your family.
Covering Your Final Expenses
If you are older and have fewer financial obligations, you may be able to get the coverage you need to pay your final expenses and cover any outstanding debts you may have. If you buy life insurance early enough and can pay into it until it matures, you may be able to borrow against it or cash it out in the event of an emergency.
Understanding what type of life insurance policy you need at each stage of your life is important. The right policy for every phase of your life will ensure your family is taken care of and you have the peace of mind you deserve. At Steve Wilk Insurance Agency, Inc., each agent is specially trained to help you find the right life insurance policy for your needs. Visit our new office at 310 S Main Street, Suite C, Lombard, IL 60148.