Every stage you go through in life requires different types of coverage. Get life insurance quotes from eHealth to buy life insurance that fits your needs.
As you go through life, your needs for life insurance will change as your circumstances change. If you buy life insurance when you’re single, you may decide to switch to another plan once you get married or once you become a parent. In order to choose life insurance that best fits your needs at a specific point in time, it’s important to understand the various life stages that you may experience, learn about adequate plans for each life stage, and get life insurance quotes for your selected plans.
When you’re young and single
Even though you may think that life insurance is not necessary when you’re young and single, that’s often not the case. You may have debt you don’t want to pass on to any living relatives who might be responsible for the debt in case of an early death or you may wish to leave a legacy—a donation to a cause that stokes your passion. If you buy a permanent life insurance policy when you’re young, you could enjoy lower premiums, benefit from the insurance policy’s cash value, and create a financial safety net that will last your entire lifetime.
The family life
If you’re a newlywed, you may be embarking on exciting adventures, like purchasing your first home, possibly changing jobs, and starting a family. However, you will need to be prepared should something happen and one of you is left alone. This is where life insurance comes in. It can help ease the financial burden brought on by the untimely and sudden death of a spouse. For example, you may want to buy term mortgage life insurance to cover your home mortgage payments, so that your spouse and children can have a roof over their heads should something happen to you.
Once you have children, you will also want to provide them with financial protection should something happen to you or your spouse. A family life insurance policy (term or permanent) that pays a lump sum or a regular income after your death can ensure that your children are financially protected.
Business and work
If you own a business, you may want to buy life insurance to protect the company you’ve built. If you were to pass away, what would happen to your company? With life insurance, you can fund a buy-sell agreement that would ensure that the remaining partners are in a position to buy your ownership stake in case of your demise. A good option in this case may be term life insurance for perhaps 20 years, where the cost of the insurance would be lower than permanent life insurance and still provide protection for your heirs and business partners.
A stay-at-home parent can also buy life insurance to ensure his or her loved ones are protected should something happen to them. The services a stay-at-home parent provides are costly, and hiring someone to fill that role will be become a financial burden if you’re not prepared for such an eventuality. A term life insurance policy that covers the years during which the stay-at-home parent will be taking care of the children is a good choice in this specific case.
Planning for your later years
Most retirees want to enjoy life after they stop working, and to do that you will need to have a secure nest egg. In addition, even though your children may be grown up and financially self-sufficient, it may still be a good idea to buy life insurance. If one spouse passes away, even at an advanced age, the remaining spouse may still live 10 or 20 years and will need to have some sort of financial security. In this case, it may be a good idea to add an annuity to your life insurance policy. An annuity could ensure that you continue to receive a stream of income once you no longer receive paychecks from work, allowing you to enjoy your retirement years and offering protection should one spouse pass away.
Also be aware that even though your children are now adults and financially independent, you may have aging parents who depend on you for financial assistance. It’s always a good idea to plan ahead, in case something happens to you, and your parents are suddenly left without a financial safety net. A permanent life insurance policy with a cash value can help care for your parents in case of your untimely death.
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