When is the Best Time to Purchase Life Insurance? 

In general, you need life insurance if someone depends on you for financial support or if you provide care for people who cannot care for themselves, such as children or a loved one with a disability.

The best time to purchase coverage is as early as possible. Younger individuals typically enjoy lower premiums.

People often consider an insurance when they experience a big life event, such as starting a business, adding children to their family or getting married or when they want coverage for a specific reason, such as for funeral and burial expenses.

What is the Difference Between Term and Whole Life Insurance?

Understanding the difference between term and whole life is essential when deciding on the best time to purchase a policy.

Term life is designed to provide coverage for a specific period, such as 10, 20 or 30 years. It is generally more affordable than whole life insurance and may be ideal to help cover financial responsibilities that diminish over time, like a mortgage or children’s education.

When the policy’s term ends, coverage automatically terminates.

Whole life insurance is a type of permanent life insurance coverage. It includes a death benefit that beneficiaries can apply for when the insured person dies, regardless of the insured person’s age.

It also has a cash value component that accumulates value over time and may be borrowed against or withdrawn, depending on the policy’s terms.

How Do You Get Supplemental Coverage?

This type of insurance is extra coverage you may be able to get through unions, employers and membership organizations. It may provide some coverage at no charge, with the option to purchase additional coverage.

With this type of insurance, you may not have to undergo a medical exam or answer health questions. However, if you buy an insurance through your employer, the policy automatically terminates when you no longer work there.

Contact Us

Contact Pacelli Insurance in Saint Marys, Pennsylvania, for a life insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.