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When Should I Purchase Life Insurance?

April 3, 2018

Life insurance is a way to make sure your family is provided for in the event of a tragedy.

While grim, this is a very important thing to consider for a variety of reasons. Without life insurance, you run the risk of putting your family, and particularly your children, in serious financial jeopardy.

Before you think about purchasing life insurance, though, you should know why you’re doing it.

Read on to learn more about life insurance in general, and discover when is the best time to start looking for the right plan with your Maryland insurance agency.

When Should I Purchase Life Insurance?

What is Life Insurance?

In short summary, life insurance requires yearly premiums in the same way any other insurance does. The only difference is that, in the event of your passing, the life insurance company pays a lump-sum to descendants and receiving relatives. This is important for many reasons, not the least of which is making sure your family continues to be financially stable, especially if you are the main breadwinner of the household. There are different types of life insurance, including term life, universal life, and whole life. You can discuss these options with your insurance provider or Maryland insurance agency if you are unsure which to choose.

Why Would You Need it?

Some of the main reasons you’ll need life insurance include the importance of passing wealth onto your children. You’ll want to ensure they’re financially stable in the event of your passing, and life insurance is an easy way to do just that. Your children also may need assistance regarding your will or estate terms, and life insurance can help with that, as well. Other reasons could include your job. It’s possible that your employer provides life insurance; if this is the case, you should absolutely take advantage of that. Also, if you have major debt issues, particularly surrounding your home or bank accounts, life insurance can make it easier on your next of kin.

When is the Best Time to Purchase Life Insurance?

Well, in truth, life insurance should be purchased immediately, at birth. This is because yearly rates will be lowest the younger you are. Insurance companies take into consideration different risk factors, and young age means that there is less risk involved. After you turn 30, life insurance rates can skyrocket. When you’re paying other insurance expenses along with your life insurance, this can add up. It is possible to get life insurance for an infant and then transfer the account to them when they’re 18. Ask your Maryland insurance agency how this can be done for your family.

Insurance is expensive, these days. That’s why it’s important to find the most effective plan for the best price. With American Heritage, you can find the best life insurance plan that suits you and your family. For more information on life insurance policies in which you can invest, contact us today, so we can help you get the ball rolling.

What Our Clients Say...

Over and above the time, effort and saved dollars that you put into earning our business – your careful attention to detail in getting our coverage right is what mattered the most. Thank you for educating me about the differences in coverage and for reallocating our insurance dollars to minimize our exposure while maximizing our policies.

- Eric L, President of Jeffrey Press, Inc.

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