When I ask people if they have life insurance, a common response I get is “I have it through my job.” While it is good to have life insurance through your job, it’s better your own additional policy. What people fail to realize is that if you ever leave that job or retire, the life insurance policy is no longer active. Often, this occurs when you are older, and of course when you are older, the premiums for the insurance are higher.
Many of my clients who are in their 50s and 60s want a policy that will leave something to their children and grandchildren. Unfortunately, most people don’t think about this until an age when insurance premiums are quite expensive. For example, I had a client who wanted to purchase a 10 year term policy at the age of 70 for $400,000. The premiums for this policy would have been thousands of dollars per year, and that is if they could even qualify for the policy.
If however, they would have gotten a 30 year term policy at the age 50, or a whole life or universal life policy at the age 30 or 40, they would have been able to obtain a far less expensive policy that would save them thousands of dollars a year. Better yet, the peace of mind being of able to leave something for the next generation is deeply satisfying.
If you would like to know more this or get a quote please email me at email@example.com.