Do you have the protection you need to make sure your new life keeps heading in the right financial direction?
Answer: You may have just graduated from college or recently taken steps towards independence by getting a full-time job and moving away from home. Either way, you are out on your own.
As a young worker, you may be wondering whether you need life insurance coverage. One thing to consider is the fact that being younger may help you to get a lower premium. It is to your advantage to get your policy as early as you can.
Term life insurance may be a good way to start. It offers low premiums plus you can convert the coverage to a permanent plan, such as whole life, universal life or variable universal life insurance, once you have more income to support your plan.
Term life insurance is the simplest type of life insurance protection you can buy, and generally has the lowest out-of-pocket cost to obtain death benefit protection for a short-term.
Term life insurance:
Provides guaranteed death benefit protection with a level premium for 10-, 15- or 20-years.
Can be converted to a permanent policy, even if your health deteriorates.
Does not offer a savings component, cash accumulation or loan features.
Disability income insurance is also a consideration in the event you're unable to work for a length of time due to illness or injury.
Disability Insurance is the industry name for a plan that provides for periodic payments of benefits when a disabled insured is unable to work. The insurance product is designed to replace anywhere from 45 to 65% of your gross income on a tax-free basis should illness keep you from earning an income in your occupation.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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