Is there an age that makes you too young for life insurance? How about too old? Is there ever a reason to not bother with life insurance at all? If these and other questions about life insurance are perplexing you, read on to learn why nearly all people should have at least some coverage.
- Too Young? There are a number of reasons why getting a life insurance policy for an infant isn’t a bad idea. The last thing you want to think about is your child dying, but it does happen and if you’d have a difficult time covering the funeral expenses, a small amount for term insurance isn’t a bad idea. Another thing to consider is that buying a standard policy that grows in value at a young age makes for a far more valuable policy when your child matures.
- Too Old? There are several situations where seniors should consider continuing their life insurance even though they may not have anyone relying on them financially. For example, someone without a lot to leave to their heirs has the opportunity to do so, as well as give them the funds they may need for the funeral expenses. If your home isn’t yet paid off and you do not have retirement savings to do so, having life insurance could protect the family homestead so it stays in the family without relatives having to come up with the payoff.
Why wouldn’t you need life insurance? If you have a spouse and/or children who rely on your income, you should have life insurance so they are cared for should you die. However, if there isn’t anyone who relies on you and you aren’t concerned with building value in an insurance policy, you may not need life insurance. You might also be required to have life insurance if you have a vital role in a company.
If you are unsure whether you should have life insurance or want to know more about the different types and costs, give us a call at First Security Insurance. You’ll get the information you need without undue pressure to invest in a life insurance policy. That’s how we’ve done things for nearly 100 years, making us a preferred, full-service independent insurance agency in the Hickory, North Carolina area.