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When Should I Buy Life Insurance?

 

Life insurance is one of the most important purchases you can make to keep your loved ones protected, but is life insurance only for those who are married with children?  Whether you fall into this category or not, there are a lot of factors that make purchasing life insurance a wise choice.  Here are some things to consider when deciding whether it is time to purchase life insurance, and information on what type of policy you will need to keep those you love safe.

 

When Do I Need Life Insurance?

 

There are a number of factors that affect whether life insurance is or is not is a good idea.  In general, if you have any responsibilities that would still need to be fulfilled should you pass away suddenly, getting life insurance to protect those who would be left behind is a good idea.  If you have any of the following responsibilities you may want to consider life insurance.

 

You have children and/or a spouse.

You have outstanding debts.

Your income is essential to the maintenance of your family's lifestyle.

You own a home on which there is still an outstanding mortgage.

 

Life insurance is meant to protect your loved ones should anything happen to you, and any number of financial responsibilities could become an enormous burden on them should you pass away.

 

What Type Of Life Insurance Is Best For Me?

 

There are a number of different types of life insurance policies available on the market, and finding the one that is best for you may seem like a difficult task.  Essentially there are two types of life insurance: term and permanent. These types of policies offer you different benefits depending on your personal circumstances.  In most cases your first life insurance policy should be purchased when you are young and in good health.  A term policy is also a good idea for a first life insurance policy as it will give you the most coverage for the lowest premiums.  Permanent insurance can offer you a return on your investment, but for most people other types of investments, at this point in their lives, are a better idea.

 

In general, no matter what your situation, life insurance is a smart purchase.  Contacting an insurance agent to get professional advice on which type of life insurance is right for you will give the information you need to make that choice.

We at Donahue-Stangle-Brown and Cope Insurance Agency are an independent insurance agency that represents several insurance companies here in Ohio.  Let us do your insurance shopping for you.  We offer a wide range from
auto insurance, home insurance, business insurance, business auto insurance, life insurance and farm insurance.  Please contact one of our professionals today at 740-998-5544 in Frankfort or 937-981-2272 in Greenfield.  You are also welcome to contact us via EMAIL.

 

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