In the event of your death, it is crucial that your loved ones have access to a safety net that has been arranged prior. This is where life insurance is highly encouraged. A life insurance policy can help with paying off remaining debts, replacing lost income for your household, and covering the cost of a funeral. However, many individuals who visit Cole Harrison Insurance in Kennebunk, Maine, have questions that they might need answered before setting up a policy. What is the best age to get life insurance? How do I know if life insurance is necessary for me and my family? What arrangements can be made prior to my death to ensure my family is taken care of without me around?
Understanding life insurance and how it works
Life insurance is like many other insurances that are provided at our insurance agency. Health insurance, home insurance, and car insurance are all types of insurance that we invest in to protect ourselves and our assets, and life insurance is no different. It can be arranged before your death so a beneficiary can receive death benefits at the time of your loss. You pay premiums, either monthly or annually, to invest in this insurance.
What type of life insurance is available?
There are two primary types of life insurance, including whole life and term life. Whole life covers you throughout your lifetime, while term life covers you for a more specific period of time, such as a decade or two before it stops.
How important is age when considering life insurance coverage?
Anyone can get life insurance at any age. However, it is important to understand that the age at which life insurance starts will significantly affect the cost of the premiums paid. The younger the individual, the less expensive their premiums will be. This is because younger individuals are typically healthier and are less likely to die early than those in their later or “golden” years. Understanding how age impacts cost will assist in choosing the plan most appropriate for you.
What about health?
Age is not the only factor that can affect the cost of premiums. Your health can as well! Many individuals develop certain conditions with time, such as diabetes or increased risk of heart disease and strokes. This can increase one’s life insurance premiums because of their potential for passing away sooner than more active and healthier seniors.
When should I get life insurance?
Obtaining life insurance isn’t directly related to age. Instead, we encourage individuals to consider life insurance when they have dependents that rely on them, such as spouses and children, and when they have significant debts remaining that would be a burden to those left behind if they were to pass away suddenly. Talking to an insurance agent that you trust is also helpful in determining when life insurance should be considered for yourself or your family members.
Educate yourself further on life insurance, home insurance, and other services at our Maine area insurance agency!
The team of professionals at Cole Harrison Insurance have over 75 years of combined experience and can assist you in learning more about the insurance options available to you for your personal and business needs. Whether you are thinking about getting life insurance or want to talk to our team about insurance for your commercial property, we are here for you! Call one of our three office locations in the areas of Kennebunk, Kittery, and Carrabassett Valley, Maine, to get started speaking with an experienced insurance agent at our primary office or satellite locations.
