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Get the right life insurance protection at any age

June 14, 2012

You may think that you don’t need life insurance; but the truth is…it’s a necessity. There are funeral costs to consider, debts to pay and making sure that you protect your loved ones in the event of an unfortunate circumstance. Choosing to buy a life insurance policy is a smart move and the earlier you buy it, the better!

Young Adults

Young adults are probably not giving life insurance any thought, but they’re at the prime time for purchasing a long-lasting policy. Because of their youth and general state of good health, young adults are eligible for some of the best rates on life insurance policies. It is a good time to invest in a whole or universal policy and lock in a low premium for the future.

Marriage and Children

Getting married and having children are the two prime times for considering the need for life insurance. Indeed, this is the time in most people’s lives where the most hardship would result from a premature death. During these years, term life insurance is the best way to obtain a large amount of coverage at a reasonable premium.

Term life insurance can cover debts like the mortgage as well as provide for the education and care of children, and can be reduced when the need for higher coverage is no longer at its peak. This is also a good time to look at a joint life insurance policy to cover both spouses at once and provide for whoever is left behind as well as the children. For some, this is an excellent option that can save on premiums, but should be compared to rates on separate policies as well.

Seniors

For most seniors, the number one concern is leaving some money to cover final expenses and avoid burdening children or other family members with the costs. With many seniors no longer carrying mortgages and without dependants at home, smaller policies are a good choice and an affordable one. Many life insurance companies now cater to the senior market and provide excellent policies meeting their needs. The sooner you arrange for a life insurance policy the better, since rates will rise quickly in the later years due to the higher risk of health problems.