Life Insurance

Attention twenty and thirty year olds: You need life insurance

 
Life insurance is a morbid topic to talk about, but it does need to be addressed.  It is a serious issue once someone starts depending on your income.  It gives your loved ones peace and security if you pass on. That brings me to the topic of why twenty and thirty somethings should buy a life insurance plan now..

Why do you need life insurance?

 
Think about it this way, it is more for your family than for you.  If you have loved ones who rely on your income, you need to purchase a life insurance plan. It is like an emergency fund.  This investment will take care of your family if you pass.

 
When do you need life insurance?

 
If you disappeared tomorrow, would it affect anyone financially?  If the answer is yes, then you need a life insurance plan.  If you have accumulated debt and bills, then you need a life insurance plan.  Debt does not disappear once you pass on, someone does have to pay for it.  Purchasing a life insurance plan will take care of the debt for you and your family member will not have to worry about paying it off.

 
What type of policy should you get?

 
There are two major policies: term and whole.  Term life insurance is exactly how it sounds, it is a plan that you choose for a certain period of time.  Whole life is a type of life insurance contract that provides insurance coverage of the contract holder for his or her entire life. Upon the inevitable death of the contract holder, the insurance payout is made to the contract’s beneficiaries. These policies also include a savings component, which accumulates a cash value. This cash value is one of the key elements of whole life insurance.

 
How much life insurance do you need?

 
The rule of thumb is
debts + (living expenses x duration) + additional expenses = estimated total x 1.05 OR 1.10 = total coverage needed


How do you purchase life insurance?

 
You can search online or go with a life insurance broker.  Cosmo Insurance Agency has licensed life insurance brokers that know how to evaluate your lifestyle and income to help you choose the right life insurance plan.  Cosmo works are your needs to choosing a life insurance plan that is perfect for you and your family.

 

The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind, and often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.

Choosing the perfect life insurance plan depends as much on your financial needs as it does on your health class rating. We will assess all factors and guide you through every option until we find the perfect plan for you.

 

GET A QUOTE ONLINE

 

 

source: http://www.ourfreakingbudget.com/a-millennials-guide-how-to-buy-life-insurance/


Posted 6:00 PM

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