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Life insurance is basically a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured. It is essential for applicants to analyze their financial situation and determine the standard of living needed for their surviving dependents before purchasing a life insurance policy.
Life insurance agents or brokers are instrumental in assessing needs and establishing the type of life insurance most suitable to address those needs. Several life insurance channels are available including whole life, term life, universal life, and variable universal life (VUL) policies.

When Is the Best Time to Get Life Insurance?

Everyone has this question in mind ‘when is the best time to get life insurance?’. There are differing opinions about this notion. Some say the optimal and perfect date for getting life insurance is before reaching the age of 35. Life insurance is age-banded, this means that as each year passes, the policy becomes more and more expensive. Therefore, people who buy insurance at a young age will definitely get more premiums.
Young people don’t have to acquire life insurance when facing student loans, and other kinds of debt. According to existing demographics, this trend of not acquiring life insurance is becoming more prevalent among younger generations; millennials choose to stay single or not get married at a young age in comparison to those of previous generations. They have less income and more debt because of unemployment and related issues. However, bear in mind, present debt is necessary to get life insurance at a younger age; the sooner someone gets life insurance the better the impacts will be on the economic condition of a person.
A parent or guardian should purchase life insurance if they have a newborn. Another belief about buying life insurance early is that the optimal time for buying insurance is the moment someone has dependents such as children, retired parents, or dependent spouses. Once someone has dependents, it only makes sense to purchase a life insurance plan since they are relying on you solely for financial support. Delaying this process means a person has to pay more premiums later down the road.

At What Age Should I Get Life Insurance?

The best time to buy your life insurance is technically as soon as you are able to. Life insurance is age-banded, which means that as each year passes, the policy becomes more expensive. Your 20s are the best time to buy affordable term life insurance coverage (even though you may not “need it”).
Generally, when you’re younger and healthier, you pose less risk to an insurer, which is why you’re offered the most affordable rates. Additionally, for many, your 20s are a time when your health history is probably the best it will ever be. You may not have experienced any illnesses or health concerns that would later make you uninsurable.

Why Is It Important to Buy Life Insurance?

The importance of life insurance is undeniable and there are more advantages of acquiring it than not. Buying life insurance will positively impact the economic condition of the beneficiary after you’ve passed. The beneficiary can expect to gain some of these financial benefits; insurance companies will pay money to the family’s living expenses and the company will also help pay off your home loan.
Life Insurance can also ensure a business’s survival if there is a threat to the owners or employees and will help pay off any funeral expenses too. It’s not easy for families to do so, therefore, small life insurance policies will make sure to pay this expense instead of the family directly.

Moving Forward

If you’re interested in getting a life insurance policy, then speaking with an Idaho life insurance expert can help decide what course of action is right for you. There are several kinds of policies that you can expect to choose from too. Life insurance doesn’t have to be a scary process, in fact, it can really change the lives of the beneficiaries for the better.