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When is the Right Time to Buy Life Insurance?

Life insurance isn’t the prettiest topic, but you can’t avoid it if you are planning for the future. A life insurance policy protects your dependents in your absence. Besides, life insurance is crucial if you have debts, own a business, or planning to finance your final expenses.

While there is no doubt that life insurance is a sound financial decision, the million-dollar question is: When is the right time to buy life insurance. Or is there even a right time to buy life insurance? Since the answer isn’t a straightforward one, The Good Insurance Group LLC in Bloomsburg, PA, has taken time to respond to the article below. 

When should I buy a life insurance plan?

If you want to know if you need life insurance today, ask yourself: do I have dependents? Would they suffer financially in my absence? If the answer is yes, then you definitely need life insurance ASAP. This way, your loved ones won’t have to go through financial turmoil when you die.

But because we encounter different events throughout our lives, it’s paramount to look at situations around us to determine if we need life insurance today or later. The following are a few situations to determine when you need life insurance.

  • You are married or about to: Now that you will be welcoming another person in your life, it’s wise to think about their survival if you were to die. How would they pay that joint mortgage? Would they afford to pay your funeral expenses? If the answer is no, buy life insurance today.
  • You are about to welcome a child: A newborn brings changes in the financial dynamics. And for you to secure their future, life insurance is a safe bet to take care of their college fees, child care expenses, and so on.

The general rule of thumb is to invest in life insurance today — and if you are young and healthy, the better because the premiums are affordable. Ultimately, start with the coverage you can afford today, and increase gradually as life changes along the line.

Would you like to get more information about life insurance? Why don’t you contact The Good Insurance Group LLC? Or else, visit our Bloomsburg, PA to speak to one of our agents.

What type of life insurance is right for me?

There are many important forms of insurance that the typical person needs to get. When you are in the Bloomsburg, PA area, one important form of insurance coverage to consider getting is life insurance. As you are looking for a new life insurance policy, you could find a lot of options to consider. One form of insurance coverage to consider getting is life insurance. Most people that get this coverage will choose either a term or whole life policy, which has different features that could make one an ideal option for you and your situation.

Term Life

A term life policy has continued to be a trendy type of coverage that people frequently obtain. With a term policy, you will receive coverage for a specific amount of time that can be well over 20 years if you wish. You can also choose a coverage amount that meets your needs. A term policy is often more affordable than other options. 

Whole Life

With whole life, your policy will last for as long as you want if you continue to make payments. Further, a whole life policy has investment benefits that can help you build long-term wealth. Due to the investment benefits of this type of insurance, the monthly premiums are often more than they would be with a term policy. 

Picking the right life insurance policy in the Bloomsburg, PA area continues to be a significant decision. If you are looking for a new policy here, it would be a good idea to call The Good Insurance Group LLC. The insurance professionals at The Good Insurance Group LLC will provide various benefits and services that can help you choose the right policy that meets your needs. 

Do You Really Need Life Insurance?

Life insurance can benefit just about anyone, regardless of your age, marital status or lifestyle. If you’re married with a family, life insurance can provide your spouse and children with financial security for their future in the event you should unexpectedly pass on. If you’re single, life insurance benefits can provide much-needed income for aging parents or support a favorite charity upon your demise. At The Good Insurance Group, LLC in Bloomsburg, PA, we offer a variety of life insurance options to suit your long term needs. Here are just a few ways life insurance can benefit those you love after you’re gone.

Financial Support 

Life benefits can be used to pay your family’s monthly bills so they can continue living the lifestyle they’re accustomed to after you’re gone. If you’ve left behind co-signed loans such as a mortgage or student loans, life benefits can pay these off so your spouse or parents don’t have to assume these debts. Life benefits can be used to supplement your parents’ retirement, help your children get through college or provide financial support to your family so they can carry on upon your demise. 

Support a Business 

If you started a business with someone else, your partner may be counting on your income to keep the enterprise running. Your sudden demise could leave him or her in financial straits, especially if you have business loans to repay. Life benefits can help replace your income so your partner can keep the enterprise running until other financial arrangements can be made. 

Pay Your Funeral Costs

If you’ve made no provision for your funeral, life benefits can help pay these costs so your family isn’t burdened with this expense during this trying time. 

To learn more about life insurance and the benefits it has to offer, call or visit The Good Insurance Group, LLC in Bloomsburg, PA.