For most people, thinking about life insurance can be an uncomfortable thought. We’d rather think of ourselves as super heroes – indomitable, unstoppable, immortal. But somewhere in our 20’s or 30’s, depending upon our life circumstances, or at the recommendation of a friend or family member, the subject of acquiring life insurance comes up.
The conversation can quickly lead to the most frequently asked question in the industry, “When is the best time to buy life insurance?”
The best time to buy Life Insurance is—NOW. If you’re considering the product at all, take it as an indication that you should buy life insurance before you get any older or unhealthier. Here are some of the practical reasons to purchase life insurance right now:
Age – Undeniably, age is the greatest factor in determining what your insurance rate will be, both now and over the entire period of your coverage. Based on statistics, the younger you are when you purchase your first policy, determines the lowest rate you will ever pay.
Health – While age determines the rate of your policy, your health determines your insurability for coverage. Statistically, younger people tend to be healthier than older people and the data reveals: younger and healthier people receive the best coverage at the best price.
Besides gaining a death benefit from Life Insurance, really the best reason to buy Whole Life insurance is for the wealth building benefits and the savings component.
When purchasing permanent life insurance through mutual life insurance companies, you are:
- Building cash value
- Earning a steady rate of return
- Giving yourself investment certainty
Permanent Life Insurance provides multi-uses for your money. In addition to earning interest and having market protection, you as a policyowner can receive dividends. Though dividends are not guaranteed, the likelihood of not receiving a payment can be rare. Some Life Insurance companies have a history of paying dividends every year for over a hundred years – even through The Great Depression. Annual dividends can also be used to pay for your premiums or purchase additional coverage.
Your Whole Life policy is guaranteed to remain in effect, throughout your entire life, as long as your premiums are kept current. Unlike other types of life insurance, your Whole Life premium will never change. No increase at various terms of time, no adjustments for your age or changing health conditions, and no new medical exams.
But most important, Whole Life insurance provides the feature of cash value that can add stability, control and freedom to your financial life. Cash on hand – that comes from a permanent insurance policy – is what allows individuals to seize investment opportunities that help build lasting wealth.
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