Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
While you're young and healthy! It'll be a lot cheaper than when you're 60 and have had a heart attack, are diabetic, or have had some other condition that will cause your risk class to be less favorable, which equals higher premiums. The rates will be a lot higher on age alone too - buying $1,000,000 of life insurance at 35 and $1,000,000 of life insurance at 65 are going to produce very different premiums, regardless of health. Remember though, there has to be a purpose for the benefits and they have to be suitable to you as well. A carrier may not want to approve a policy for you if you're getting it just cause.
There's many situations that will cause a need for life insurance benefits such as getting married, having a child, and estate planning purposes, just to name a few.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Buy life insurance when you are ready to make a commitment. A commitment to whom, you say? A commitment to the beneficiary. If the policy would be for personal use, that means to your spouse. Don't buy the policy until you're ready to make sure his or her future is secure. If the policy is for business use, then don't buy the policy until you are ready to make sure the business is secure. If the policy is to be used as a charitable gift, then don't buy the policy until you are ready to make sure that the charity close to your heart is secure.
Why is commitment important here? Because without it, a life insurance premium payment becomes just another bill. But, your life insurance policy is different. To get it, you will have to go through underwriting that is more thorough than anything else you will have experienced. Your current health; medical history; family medical history; job; hobbies; travel habits; and legal, financial, and motor vehicle records will have to be reviewed. Once you are approved for coverage, the only way you can lose it is if you stop making those payments. You would not want to go through that again if it could be avoided.
If you remain committed to the security of your beneficiary, you will make sure that payment is always made. If you are ready for this today, then buy it today.
.JPG){kind=avatar}
There's many situations that will cause a need for life insurance benefits such as getting married, having a child, and estate planning purposes, just to name a few.
Why is commitment important here? Because without it, a life insurance premium payment becomes just another bill. But, your life insurance policy is different. To get it, you will have to go through underwriting that is more thorough than anything else you will have experienced. Your current health; medical history; family medical history; job; hobbies; travel habits; and legal, financial, and motor vehicle records will have to be reviewed. Once you are approved for coverage, the only way you can lose it is if you stop making those payments. You would not want to go through that again if it could be avoided.
If you remain committed to the security of your beneficiary, you will make sure that payment is always made. If you are ready for this today, then buy it today.