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It’s always a good time to buy life insurance, but many people don’t understand why they need it or why they should buy it. The most important key to buying life insurance is to buy that types that’s best suited for you, depending on what milestone you’re at in life. The most important thing to understand is what you’re buying.

Term Insurance
is a life insurance policy with a set death benefit and a policy period that is usually somewhere be 5-30 years long. It is usually less expensive since it is set for a certain period of time. Permanent life insurance is a life insurance policy that lasts for your entire lifetime. It is often more expensive than term insurance, but it has the ability to gain cash value and has a guarantee of eventually paying out. So now that we know the basics, here’s a few milestones and the time of insurance you may need at the different points throughout your life.

Just got Married - Getting married doesn’t mean you necessarily need life insurance, but future plans that happen soon after do, like buying a house or having kids. Health insurance rates do increase as you grow old so this may be a good time to consider purchasing it if you’re young and healthy.

Just Bought a House - Usually mortgages have a pay off period, the most common being a 30 year note. Term life is a great option on this. With a set period, it’s an easy way to guarantee if something happens before the weight of this financial responsibility was lifted, you’d be ok. If you can’t qualify for full term life, you may consider mortgage life insurance.

Baby on the Way - Perhaps the most important period to have life insurance is when your children depend on you. As soon as you know children will be entering the picture, you should buy life insurance. If you or your spouse passes away, the surviving spouse will take on the pressure of not just income, but taking care of the kids. Raising a child is expensive. In your plan make sure to include household expenses and perhaps college tuition.

Time to Retire - By the time you hit retirement your term policy probably will have run out. If you want life insurance when you're older, it will be extremely costly. The older you get the more chance that the insurance company will have to pay out, hence very high rates. If you have a whole life policy, it will cover you until you die, but if you no longer need the policy, you may want to terminate it to save the monthly premiums and get full use of your cash value. If you've planned, your retirement and the rest of your savings should provide for a surviving spouse's needs.

If have questions regarding your insurance, ECI is always here.Contact us for a Oklahoma City life insurance quote.


Avery Johnson
Contact Avery Moore
Call: (405) 373-2977


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