Why would a person who just turned 20 want to buy life insurance? Why would a young couple with two young children need to have a policy? Is there any reason for a retired person on Social Security to have life insurance? While not everyone who is in a similar situation as described above needs life insurance, most can benefit by having coverage.
A young and single person just starting out in their career may not be thinking about their mortality, but that does not mean that they should not think about buying life insurance. A permanent life insurance policy might be the most appropriate type of insurance to purchase. Permanent life insurance is most affordable when you are young and healthy. With permanent life insurance, you pay a premium that buys the face value of your coverage and also sets aside a portion that goes into savings. Your situation can change over time and you may get married and become responsible for someone else's well-being. Even if you remain single, your policy can build up a substantial cash value over time, and that can be a welcome asset when you are getting ready for retirement.
A young couple with two young children might want to choose term life insurance to get the protection they need. If one parent passes away prematurely, the other parent might be faced with a financial hardship. Term life insurance allows you to buy a large amount of coverage for a smaller monthly premium. Coverage only lasts for the length of the term, but your premium will stay the same until the term ends, even as you get older or your health declines. Typical coverage might be a 20-year term with a policy amount of 10 times your annual salary. This type of policy offers excellent coverage during the years when expenses can be the highest. It can help cover mortgage payments, the cost of raising children and the cost of a college education.
Guaranteed acceptance permanent life insurance is a popular choice for people who typically have a hard time qualifying for other types of coverage. People who have pre-existing medical conditions, are disabled or who just happen to be getting up there in age are all good candidates for this type of policy. Generally, this insurance is offered to individuals between the ages of 45 and 75, although it can vary by insurance company. While the cost for every dollar of coverage is higher than regular permanent life or term life insurance, guaranteed acceptance permanent life has two great features. You cannot be denied because of any health condition and you don't have to take a medical exam or answer any health questions when applying.
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