This question comes up a lot actually, and this is, I’m happy to say one of the easier questions to answer. A lot of these are a little bit more complicated, but this one is as soon as you can afford it.
You know, as soon as you can pinch the pennies to make it happen, which we frankly, we all can, even if we’re tight on money, you can find a way to get coverage. The earlier you get it, the less it’s gonna cost you. And it depends on the kind of policy that you’re going to get as far as how much coverage you should get and all of those kinds of things and talk with your agent about that.
But, in terms of what your goals are, and your agent should set up something that’s realistic for you, that’s not going to be over insuring it’s going to be within the budget that’s going to take care of you now. Then if you’re looking at, you know, a child or something like that, there are great policies out there that are for children and they’re going to typically be whole life policies.
They’re going to go forever, so you don’t need to worry about it expiring being a 30 year term or something like that. If you’re in your twenties, thirties, forties, possibly, or 50s as well. but certainly up to 50, you’re probably gonna want to look at a return of premium term. And so a 30 year term that you’re going to get all your money back at the end, and during that term, you’re going to be covered for a large chunk of coin.
It’s going to be a, you know, 200, 300, $500,000 policy or more, you know, they’d go into the millions. It just depends upon what your goals are and what your budget is. If you are in your sixties, you’re probably still. We’re going to be looking at a term, but just probably not return of premium term. And you might also, depending upon your health, you might be looking at whole life instead.
If you’re past the age of about 65 ish, you’re going to start looking at just whole life policies, policies that never expire. but again, you’re going to want to get this policy, as early as you can. so the moment it pops into your brain or someone gives you the brilliant idea to get insurance, you say.
Wait, I don’t have life insurance. I should probably do that. Do it. Don’t, don’t wait. I can tell you, I mean, I, I am well insured myself and I can tell you that it is a huge relief to have the life insurance. I know that my wife and my sons are protected because I have that coverage. Now, if you don’t have a spouse and you don’t have kids, you still should have life insurance.
Because if you do not, you’re passing on the debt. You’re passing on the cost to your loved ones. And that’s obviously not how you. I want to be remembered. You want to help out your family, even when you’re gone. So it’s really loving gesture. And when I have conversations with, beneficiaries of my past clients, my clients that pass away, I talk with those beneficiaries of those clients.
And it’s a very tearful experience and they always are so grateful for that last gesture of love. from my client to them. And so it is, it’s a big deal. Everyone always greatly appreciates it and everyone needs the money even if they say they don’t. So I hope that’s been helpful. If you have more questions about life insurance, anything at all, please just reach out to me.
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If you are located in the Cottonwood, Sedona, Flagstaff or Prescott area and are looking for more information on affordable Life Insurance please don’t hesitate to contact us. Use the links below or call us directly at: (928) 323-0933.