L Life insurance provides protection and peace of mind for you and your family should the worst happen. But life isn’t static; it changes, moving through stages from one season to the next. As you and your family grow, your needs change, too. So, how can life insurance policies meet the different needs of each stage of life? As you may know, there are many types of life insurance each with a range of customizable options. So, what type of life insurance should you get? What type of life insurance policy is right for your stage of life? Let’s take a look at some common stages of life and discuss the types of life insurance solutions available for each. Read on! College Life insurance is usually associated with individuals who have children, or otherwise have family members that rely, in part or whole, on them and their ability to earn income. For this reason, people don’t often consider the possible situations that life insurance may cover for those in their college years, or the years just after college. Insurance
for every season of life:
What type of life insurance is right for you?
of your life because of the larger face amounts, low premiums, and minimal underwriting application requirements/ process. It’s important to understand that “level term” may be used to describe two different types of policies. Depending on your insurance provider, a level term policy may refer to a level premium policy or
a level benefit policy. A level premium policy has a premium that is fixed and remains the same over the length of the policy.
A level benefit policy is a product where the death benefit, or the amount paid to your beneficiaries in the event of your death, is the same regardless of when the benefit would be paid. This is a valuable feature for a life insurance product as it removes any uncertainty about the amount your beneficiaries will receive. When shopping for a term life policy, make sure you ask your agent which type of policy they offer. They will be able to help you understand the specifics regarding the policies they offer and help you find one that’s right for you. Whole life coverage is a great investment at any age, and if young couples have the means to take out whole life coverage early in their marriage, or at a young age, premiums are locked in and cash value begins to grow. Starting a family Starting a family usually means bringing fresh faces into the world! While you may not normally think of purchasing a life insurance policy for a child, products like 10-pay juvenile whole life policies allow a parent or grandparent to take out a policy for a child, usually when they’re 6 months old.
Student loans are increasingly necessary for college degrees, such as a bachelor ’s or master ’s degree. These loans can often be large, and because college students usually don’t have a credit history, a co-signer is needed. Fortunately, there are life insurance products that are perfect for providing protection for college students with student loans. Ten-year term policies can be secured for a comparatively low premium for the benefit they offer, and they often have a simplified application process. This means that medical exams are not necessary for the underwriting process, which makes the turnaround time relatively quick. Marriage The union of marriage brings two individuals together, but sometimes that means assuming each other ’s debts, too. A 10, 20, or 30-year level term can be perfect for this stage
Continued on page 10...
FALL 2021 | 5
Made with FlippingBook - professional solution for displaying marketing and sales documents online