Why Get Life Insurance?

What’s the difference between paying for life insurance and paying for other insurances such as property, casualty, car, and health? The answer is simple! Life insurance (which I’ve heard people call death insurance), is securing something that is certain to happen – the ultimate matter is WHEN, HOW, WHERE, & TO WHOM. For the most part (factoring in suicide) we don’t know! Anyway, too often I see younger folks snicker @ me when I mention that I have life insurance. They wonder, why? – “That’s for old people,” they’d say. Well, the answer to why is simple too! ‘“Economic security is provided not only in the event of “physical death”, but also to provide income to the insured beyond retirement [given the policy has cash value].”’ – California Life Agent Manual 12^th edition. So if you have loved ones that you care about and/or you want a vehicle that may help you with retirement, life insurance is highly important to protect those you love and perhaps even yourself.

Referring to the previous post on investing early, life insurance is also a form of investment! Why? The sooner you start, the sooner the insurance policy kicks in. The sooner you start, (depending on vehicle is suitable for you) the more money builds up! The sooner you start, the more chances that your health won’t cause the price for coverage to increase – since younger ppl are generally healthier & get less sick!

So what type of insurance should you get? Well, that all depends on differing conditions & personal suitability. This is not a one-size fits all deal. You MUST do your homework for this one and even if you do find a company that is good, you definitely should make sure you do your yearly reviews – great reminder that you have the policy. Plus, if your financial situation changes, you should definitely find ways to make suitable adjustments.

Conclusion: Life insurance is not just for the old. If you care about those you love, set aside money for them.