Choosing between term and permanent life insurance depends largely on your financial goals, budget, and the level of coverage you need. If you want an affordable option for a specific period of time, term life may be the right choice. However, if you're looking for long-term protection with the potential to build cash value, permanent life insurance might be a better fit for your financial strategy.
Generally, the younger and healthier you are when buying life insurance, the more money you'll save over time. As we age, increased risk of developing health conditions can result in higher mortality rates and subsequently higher life insurance rates. Waiting may also limit policy options.
You may be putting off life insurance due to student loans, a home, or starting a family. If you were to prematurely pass away before paying off certain debts, your loved ones may end up responsible for those loans. Make sure to protect your loved ones and preserve your estate for them.
The right time to buy life insurance varies depending on family and financial circumstances. If you want to purchase a permanent insurance policy to build cash value, you need to own it long enough for the cash value account to grow. If you get a term life policy, that covers a certain number of years without a cash value component. Speak with an agent to assess the right choice for you.
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