By Dez Duran-Lamanilao

Individuals go through a myriad of changes as they pass through every stage of life. There are several factors that trigger the need for some kind of security:

  • Funeral expenses. In the case of seniors or those who are terminally ill, having an insurance that will pay for funeral and memorial expenses will lessen the burdens and troubles of family members as they deal with the situation.
  • For debts that will be left behind
  • The number of your children and the family income will determine whether you need to buy a policy and when you need to buy one. Although individuals who are not breadwinners will still benefit from buying life insurance.
  • Purchasing power. Life insurance costs vary and depend on your age, your health and the amount of benefit you want and are able to pay for. Having extra savings sometimes prompts individuals to consider buying policies. Premiums for cash-value, whole life policies are usually higher than term policies.

Image source: AdvisoryHQ

Life insurance is definitely less expensive to get when you are younger. Term policies, for example, may have the following options:

  • 10-year term: one of the cheapest types of insurance
  • 15-year term: best for those who are nearing retirement, for business policy, or for younger people who are looking for the maximum amount of coverage while paying for the lowest premium
  • 20-year term: the most common type of life insurance policy sold
  • 30-year term: the longest term that can be purchased

Do note that approval of policies also depend on several factors such as family history, occupational risk, health conditions, and hazardous hobbies, among several others.

There is nothing too early when it comes to insurance. The reason why it is called as such is for people to be able to get protection in case of unforeseen circumstances. Getting yourself and your family the right type of insurance will put a stop to unnecessary worries as you enter the later stages of life.