Life insurance coverage needs to consider the stage of the life of a person. Insurance needs will be different when a person is younger, unmarried, and just starting out, when compared to an older person with a family, or an elderly adult when all their children have grown. There are many different kinds of life insurance that can be used for protection and to build long-term value. Ask your agent at JC Demo Insurance Group in Matthews, NC to explain the various options that include:
- Whole Life – This type of life insurance is an investment. Over time it builds cash-value.
- Term Life – This type of life insurance protects those loved ones left behind when someone dies.
- Universal Life – This is a kind of hybrid between whole life and term life. Ask your agent for the specifics.
- Mortgage Term Life – This is a special kind of life insurance that pays off the mortgage on a home if the insured person dies.
It is important to note that there are options for coverage that can combine life insurance with disability insurance to give benefits to a person who becomes permanently disabled and does not die.
It is a natural thing for young people to think that they will live for a long time and therefore have no need for life insurance. However, the really smart ones see the low rates for life insurance when they are young as an investment that will help them in the future.
It almost goes without saying that life insurance is a critical component for protection of those that have a family.
Life insurance needs may diminish as people get older because their children have life insurance of their own and they no longer rely on their parents. Some policies that have built cash value can be used for retirement funds.
The best thing to do is to develop a long-standing relationship with your agent at JC Demo Insurance Group serving Matthews, NC and the surrounding areas. Your agent can give you advice about how to plan for your life insurance needs for the different stages of life.