It’s important to start the conversation about purchasing life insurance as early as possible, even as early as birth. The truth is that life insurance appreciates as you grow older, so it’s best to start searching for options sooner rather than later. If you don’t already have a policy, contact The Sanford Group who serve the Ball Ground, GA area to get you started with coverage right away.
From Birth to 18 Years
One of the first things a parent will do after their child is born is purchase health insurance. In addition, you should get life insurance as well. While they’re minors, whole life insurance policies can be paid in advance. After the child’s 18th birthday, the policy can be transferred to them, so he or she can continue to fund the policy. If they choose to cancel it, the insured would receive a cash balance, if any equity were accrued.
College Students and Life Insurance
Generally, during the college years, you’ll start accumulating debt. With credit cards, car payments, and student loans, these debts can potentially be relieved with life insurance. If you die with a ton of debt, your family members will be left to settle your outstanding balances. Life insurance leaves money to diminish these burdens. Unfortunately, 18-35 year olds are not concerned with the future bills, so many don’t consider insurance until later.
On average, after the age of 35 is when many adults begin to think about acquiring life insurance. The cost of waiting any longer could increase your rates significantly. As you age, you’re more likely to acquire a serious medical condition that could impact your life insurance costs.
Start shopping around for life insurance today by visiting the agents near Ball Ground, GA at The Sanford Group.