The Earlier You Purchase Life Insurance, The Cheaper It Is

Few people in their 20s seek out life insurance as they are likely to be single and childless at that point in life, and are typically covered by workplace life insurance policies. But here’s the thing: life insurance only gets more and more expensive with every year that you get older and workplace policies are only applicable until you leave the position, get laid off, retire, etc. Young adults qualify for lower premiums, while older people tend to develop health issues that drive up the price of the insurance as the costs are dependent on age and health alone. By the time you and your family need it, you might be facing sky-high premiums that would be more difficult to pay. So it’s imperative that you at least look into a privately owned and controlled life insurance that will follow you throughout your life regardless of your situation, at the earliest possible point in your life, saving you and your family significant costs while providing much larger benefits than waiting until retirement when you lose your workplace coverages. 

Why is it important  

Coronavirus May Make It Harder to Obtain Insurance, So It’s Important to Look Into Coverage Now If You Have Not Already Done So

Amid the ongoing global pandemic, a lot of people are getting drawn to life insurance. Unfortunately, the coronavirus is making it more difficult to get life insurance coverage, particularly for certain demographics. Various insurers are temporarily putting applications from people over the age of 70 on hold. Applicants who test positive for Covid-19 and or are exhibiting symptoms are commonly barred from getting coverage for up to two years. Rules vary from company to company. It is important to look into coverage options now if you have not already done so.

Living Benefits Let You Access Benefits Before Death

Traditionally, the main benefit of life insurance—the tax free death benefit—is one that only your family or surviving loved ones get to see . After all, a claim cannot be made until you die. The nature of life insurance is it’s not meant to benefit the insured person per se, but his or her dependents. But Good News, Insurance Companies Are Starting To Offer More Benefits In Regards to Privately Owned Life Insurance: several large, well known, A rated insurance companies now offer living benefits as part of their policies, allowing the insured access to the funds personally if they suffer from a Disability or a Critical, Chronic or Terminal Illnesses such as, but not limited to heart attack, stroke, cancer, etc. Cash values in a permanent policy is another one of the ways a living policy owner can use the money in the insurance.

With some policies, a Living Benefit Rider’s can be added to the contract to allow advance payment of the death benefit to the owner in the case of a severe or terminal illness to help pay for bills, medical bills, or whatever they desire.