buying life insurance

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Why the Best Time to Buy Life Insurance is Now

By making the decision to purchase a life insurance policy, you are taking an important step to protect your loved ones’ financial futures. But it’s easy to fall into a trap: thinking that you don’t have enough time right now to complete the purchase process, that you can’t afford it, or that you can put it off for a later date.   “The best time to plant a tree was 20 years ago. The second best time is today.”  This popular Chinese proverb can be applied to many situations. It illustrates a similar point in regard to purchasing life insurance. While we can’t go back in time, you can take action today that positively affects your family’s financial future for many years.  So even if you didn’t buy life insurance 20 years ago, or last year, or yesterday — don’t worry. You can buy it today. And you’re in luck because right now is a great time…

The Real Cost of Waiting to Purchase Life Insurance

If you’re like most people, the thought of purchasing life insurance sounds daunting. And you may have been putting off the purchase for a few common reasons:   You might believe life insurance is too expensive, and you don’t need another massive bill to pay at the first of each month  You assume the coverage provided by your job will suffice   You’re young and in great shape, so there is no need for life insurance coverage now  And to be fair, if you’re not familiar with life insurance, and you don’t have any health concerns at the top of your mind, it can be really easy to assume these statements.   Purchasing life insurance might seem like a scary, expensive task to do today, yet there is a greater cost of waiting to buy life insurance than you might expect. We’ll explain why.   The Longer You Wait to Purchase, The More Expensive It Gets …

Should I Get Life Insurance for My Child?

Buying Life Insurance for Children Most of the time, life insurance is to replace the earning power of a family breadwinner. Life insurance allows dependents to continue living comfortably in the event of a death. In almost all cases, children are the dependents, not the depended-upon. So, what is the point of life insurance for children if it isn’t to replace money for the household?  Generally, people recommend life insurance for children for four primary reasons: As a savings account. To protect the child’s later insurability. To pay for potential funeral expenses. To provide financial stability for parents in the loss of a child. While life insurance policies for children are generally inexpensive, SelectQuote encourages parents to weigh the options. Life Insurance for Children: Pros and Cons Most child life insurance policies are permanent, whole life policies, which include a savings account component (called cash value) that grows slowly over…

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