FRIDAY, NOVEMBER 13, 2020
Life Insurance at 30 – How to Update Your Policy
The investment in life insurance provides a layer of protection for families. Yet, the amount and type of coverage you have needs to match your goals. As you go through life, it may become important to update and modernize your plan. Doing so ensures it is always reflective of your needs and those of your family. Just as life changes, so do your coverage needs. Here is a way to update your policy at 30 and beyond.
What Coverage Do You Have?
At the age of 30, life insurance becomes an excellent investment. If you do not have a policy yet, now is likely the best time to invest. You may still be healthy. You may have many years left. As a result, your policy may cost less now than it will in 10 years.
Life insurance at 30 tends to be easier to obtain as well. If you currently have coverage, find out what type you have. Determine the amount you have for a death benefit in total. Many people have coverage at this age through their employer. In all situations, you want to be sure your policy is what you need it to be.
Why Do You Need to Update It?
There are various reasons to update your life insurance now. Here are a few examples that demonstrate the need to contact your agent.
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You bought a house. This is a large financial investment. If you died while a mortgage was still in place, you want to be sure your coverage is enough to cover the cost of the loan. This helps your loved ones maintain financial health.
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You have a child or two. At this age, you may have several dependents. Many people expand their life coverage as their family gets larger. It may allow you to cover more of their needs.
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You may want to consider whole-life insurance. With interest accumulation options, it could be a key part of your investment strategy for retirement. Some policies can help you pay for retirement, in fact.
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You have significant debt. Many 30-year-olds have debt they do not want to leave behind for their spouse to pay for on their own.
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You want to start thinking about your estate. Do you plan to leave funds behind to pay for the college education of your children? Perhaps you want to make a sizable donation to a charity.
At this age, it is time for an update. Contact your life insurance agent to learn more about what coverage you need now.
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