When we are young and single in Reading, Womelsdorf, Wyomissing, Myerstown, Sinking Spring, PA, and the surrounding areas, we usually don’t consider having life insurance, or if we do, we figure that it is an added expense that provides us with very little. Really, the lump sum that you would have as proceeds from a life insurance policy don’t go to you, but to others. At Stubbs Insurance Agency, we have heard this before, along with many other excuses given to not have life insurance. It costs too much, I don’t have children, funerals aren’t that expensive, and other reasons given are used to avoid the discussion of having life insurance. Often, once a life situation changes, such as getting married, having children, losing a parent, or other situations, then the conversation changes. But even when people change their mind and want to have life insurance, they find that it isn’t as expensive as they imagined it to be. Talk with our team today to learn about the different options with life insurance and discover how you can provide for your family with this protection.
More Than One Option for Life Insurance
When talking about life insurance, it typically is talked about in two different types: term insurance and permanent insurance. Permanent life insurance sounds good and does provide you with lifetime coverage as long as the premiums are continuing to be paid. Cash value typically builds up in these kinds of life insurance policies, and many use them as emergency cash reserves, or as a way to pay for the cost of the life insurance later in life when you may not have as much money in your budget to pay for it.
Term insurance, on the other hand, only lasts for a specific period of time. The benefit of term life insurance is that it is usually much less expensive than permanent life insurance, and the difference can then be used for other things, even investing for retirement. Each client will have their own unique needs, so we will talk through both kinds and help you determine what the right answer is.
When Is the Best Time to Get Life Insurance
The best time to get life insurance is obviously before you need it and getting it while you are younger will mean that it is less costly, no matter which kind of life insurance you opt for. There are different factors that will influence the cost beyond your age, including the amount of coverage you want, your health situation, and more. While common wisdom suggests that 10 times your income is a good starting point for a coverage amount, this should be adjusted based on your needs and goals.
Life insurance is more affordable than most imagine it to be in Reading, Womelsdorf, Wyomissing, Myerstown, Sinking Spring, PA, and the surrounding areas, and the younger you are when you get it, the more affordable it will be. Whether you use the funds as a way to replace lost income, used for funeral expenses, or put aside to pay for a child’s educational needs, your life insurance is a good investment for your family. Talk with Stubbs Insurance Agency today to schedule a time to review your life insurance needs.