Planning for the unexpected is a necessary part of life. Whether you are just beginning your career or are enjoying retirement, life insurance is something you should consider.
Whether you are considering buying permanent life insurance or term life insurance or any mix of options, your priorities may differ depending on your age and family situation. According to www.lifehappens.org, you should consider the following when buying life insurance at different stages:
Singles
Life insurance can be used to funeral expenses if you would die unexpectedly.
The first thing you should be thinking about is the continued security of your family. Life insurance should be considered as a tool to help your family maintain their lifestyle if you pass away. You can plan to use life insurance to replace your income, pay off debts, childcare or future tuition costs.
Established families
If your kids are out of the house and self-sufficient, you can begin to use life insurance as a retirement savings tool. You can also use life insurance as a tool to replace your income should you die prematurely or help cover any additional debt you might owe on your house or other assets.
Pre-retirees/retirees
Consider policies that will ensure that your estate is passed on to your selected beneficiary. You could also consider plans that will supplant any money that you regularly use to support your spouse, children or other dependents.
Once you determine what type of insurance is appropriate for you, find a life insurance company that offers what you are looking for or find an agent that can help you.
