The month of September isn’t just about summer being over and everyone getting back to school. It’s also the time of year to start thinking about life insurance. To keep you informed, we are sharing five of the most frequently asked questions we get asked about life insurance.
Why Should I Get Life Insurance?
To put it bluntly...life is unpredictable.
The best way to ensure comfort and stability for your loved ones in the future is to get life insurance. Getting life insurance is a decision that is at once rational, logical, financial - and highly emotional.
Nobody wants to think about their loved ones actually needing to use their life insurance. But if something happened to you, your decision to have life insurance would give your loved ones time, options, security, and peace of mind at a time when they’ll need it more than ever.
What Type Of Life Insurance Is Best For Me?
There are many different types of life insurance policies and many factors that determine which is the best fit for you, such as age, health, and lifestyle choices. However, two major categories of life insurance policies are:
- Permanent life insurance: Refers to policies that do not expire. These typically include include a death benefit and a savings account and require regular monthly premiums to be paid. “Whole” and “Universal” are two types of permanent life insurance policies.
- Term life insurance: Popular for its lower premiums, term life insurance is more affordable in early stages, but expires at the end of the term (Typically 10, 20, or 30 years). Term life insurance usually expires long before the end of the insured’s lifetime. But it often selected in the event it is needed to cover expenses during the most “costly” years of someone’s life - typically while they are raising a family and/or covering the costs of college education for children.
Within both main types of life insurance, either permanent or term, there are many sub categories, so to find just the right life insurance for you, try this life insurance needs calculator. Younger and healthier individuals can typically find more affordable life insurance policies, so the sooner the better.
When Is The Best Time To Get Life Insurance?
Technically, there is no wrong time to get life insurance. But, most people start thinking about life insurance in their early 30s, which is a common age for young adults to start settling down and having kids. Securing their future is a responsible decision that any young adult would be wise to make. Starting a career, buying a house, and building a family as a young adult means that money can be tight, but for as little as $1 a day, a very sizable life insurance policy can secure your family’s financial future.
Do I Need Life Insurance if I Don’t Have Kids?
Life insurance can be for the benefit of others besides your next of kin. Many life insurance policies allow for more than one beneficiary, which could be allocated to younger family members, godchildren, or even older family members who may need financial assistance.
Additionally, beneficiaries do not necessarily have to be a family member. A primary beneficiary could be a trust fund or a charitable organization. Whoever or whatever you would like to contribute to once you're gone, life insurance can make that happen.
What If I’m Denied Coverage?
There is unfortunately a chance that higher risk individuals might be denied when applying for life insurance, but the window of opportunity is not yet closed. In fact, PFGI experts can help you explore all of your options to find a policy that fits you.
But the best way to avoid denial of coverage is to apply for life insurance as soon as possible. Don’t hesitate.
For more information on life insurance, policies, options, and benefits, reach out to the PFGI experts as soon as possible at 610-422-3530. We can help you provide the financial security you want for your loved ones.