When Should I Get Life Insurance?
Life insurance is ideally purchased before the age of 35 for cost effectiveness, because life insurance only gets more expensive the older you get. Even people in their 20s can benefit from having a life insurance policy that has a savings component, because it’s a tax deferred way of putting away money for the future. Most Americans do not know that life insurance can be an interest-earning, tax-deferred savings account. If you wait to buy life insurance when you’re older, any existing medical conditions you have will increase the price of your policy.
Some people buy life insurance policies for their children and let them cash it out towards college expenses. It’s never too early to buy life insurance but it can become too expensive if you wait until you’re older.
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Beneficiary or beneficiaries of life insurance plans are the recipients of death benefit after the insured individual pass away. Learn more about who can be on your beneficiary.
Life insurance premiums are the amount you pay each month, bi-annually, annually or once every few years to keep your policy in force. Learn different types of premiums.
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