It's the topic nobody wants to talk about, their death. What happens when you die? It's not a topic of choice and no one wants to think about a time when they aren't here. Add to the fact that it might be expensive, takes a few minutes of health questions and a possible exam and you put it on the back burner. Life insurance is the ONE insurance you are GURANTEED to use. The best time to get a life policy is when you are a newborn. There are some great policies out there that you can get for around $10 a month and the child can buy up at certain ages in their life, like getting out of college or getting married or having children, etc. The other nice thing is while we hope our children will be healthy, we never know. Any little thing can rule them out of life insurance down the road and securing a policy for a newborn could be the best gift you ever get them.
We never think we can afford life insurance when we are at a time in our lives when we need it most. If you don't have a policy when you are a child, the next best age to get a life insurance policy is in your early 20's. Most of us don't because we think we are invincible, are just starting out and money is tight, or just aren't thinking about it. But the rates only go up with age and you are able to lock something in for years to come. You'll thank yourself in a few years for sure!
Term insurance is a disposable insurance that is fairly inexpensive. You can buy 10, 20, or 30 year policies and a lot of people do this to get the kids out of the house. Whole Life insurance is good for your WHOLE life and the rate is locked in. You can also borrow against it if you need to although it does cost more. Again, the key is locking this in at a young age. Universal is kind of a mix of the two and can be a good options as well. Then you throw in the Return of Premium Term and you have a lot of possibilities. The best thing about Life insurance is you can mix and match the policies. For instance, maybe you get a $200,000 20 year term and then get a $50,000 whole life. In 21 years, you will still have $50,000 and hopefully have more debt paid off or the kids out of the house so you aren't needing that $200,000 term insurance.
I know you're thinking Life insurance.do I really need it? No, YOU don't really need it but if something happens to YOU, then your FAMILY is definitely going to be glad you had something in place. Stop in at Wilson Hite Insurance today and discuss all the options that are available. If you don't have anything in place, today is a good day to start.