Hello and welcome back to the Naples Life Insurance & Annuity Advisors blog! On our blog, we do our best to offer practical information to help our readers and clients in the Naples area prepare for the future, protect their nest egg, and make a strategy for a prosperous future. If you are ready to invest in your future and to protect and invest your assets, contact Naples Life Insurance & Annuity Advisors! We would love to provide you the guidance to choose a policy that will fit your needs and financial goals. Visit our website to learn more!
The short and sweet answer to the posed question of, “when should I invest in life insurance?” is anytime. There really isn’t a wrong time to invest in a policy for yourself or your loved ones. You can invest in a policy at any time. However, your purpose for your policy will determine what type of policy you should purchase.
Cover costs of accidental death
None of us want to think about our mortality, but it is something that we must do. Though it may seem obvious, anyone at any age can die, meaning that, it is a good idea for anyone to buy a life insurance policy. Those that are probably the most reluctant to purchase a policy are those who are just starting their life. They are young, healthy, with the world of possibilities ahead and are probably used to someone else taking care of them such as their parents. However, twenty-somethings should consider a life insurance policy. Why? If you pass away those that you left behind, such as your parents, will still be left with your school loans, credit card debt, an apartment lease, car payment, and more. Debt never dies and so paying for your debt is one of the many reasons why having even just a small policy is beneficial.
Paying for a mortgage
Because your debt will be alive and well long after you have passed away, you must think ahead about how your debt will be covered. A term life insurance policy can actually be a great way to cover mortgage payments if you should die before you have finished paying your mortgage. By investing in a term life insurance policy that matches the same amount of time as your mortgage, you can guarantee that your beneficiaries have just enough coverage.
To avoid debt
Investing in life insurance can also be a great way to avoid debt. If you are a parent, purchasing a life insurance policy can be a great way to have peace of mind that just in case your child has a sudden medical procedure or other big expense, to ensure that you will have a backup plan to cover costs. A term life insurance policy that covers the amount of time that your child is under your care is a great way to be prepared for whatever life brings. A permanent policy can also provide benefits as well, as it can offer help during your child’s life and if they would pass away.
Stay tuned to learn more about life insurance and contact the life insurance experts of Naples Life Insurance & Annuity Advisors.