When To Get Life Insurance

The best time to buy life insurance is usually as soon as possible because premiums are generally lower when you’re younger and healthier. It can also protect your future insurability.

You might consider getting life insurance if you:

• Have a family or are planning to start one
• Have debt that your estate would be responsible for if you died
• People in your life rely on you financially

To determine how much life insurance you need, you can add up your:

• Debt, such as car payments, credit cards, and student loans
• Income for the total amount of years you need coverage
• Outstanding mortgage or home equity loan balance
• Education costs if you have children

There are two basic types of life insurance: permanent (like whole life) and term. Whole life insurance provides a death benefit to your beneficiary when you pass away, and you keep it for your entire life. Term life insurance might be a good choice if you have short-term financial obligations, or if you want to cover a gap in employment until you get a new group life insurance policy through your next job.

After you buy a policy, you should regularly review it to determine if it still suits your life circumstances.

Again, thanks for reading about when to get life insurance from your friends at Joyanna Insurance.

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