If you're asking yourself "Am I the right age for life insurance?" You're not alone. People may not realize age isn't the main factor to consider when it comes to exploring life insurance. In fact, it's actually more to do with your life stage.
When you enter a new life stage or make a big decision, such as the examples below, it might be time to consider getting life insurance, no matter how many or few candles are on your birthday cake.
PLANNING TO GET MARRIED? - Wedding planning is a whirlwind and the idea that you might someday lose your future spouse can be simply unthinkable. Although it's not the easiest concept to consider, taking out life insurance means that despite the heartbreak of losing a spouse, you or your significant other can still be looked after. Whoever is widowed can continue to pay the mortgage, and won't be forced to sell the marital property.
THINKING ABOUT STARTING A FAMILY? - If you're considering having children, chances are you've already thought about all the ways in which your life is about to change. And if you or your partner are planning on leaving work to care for your baby, these major changes may be accompanied by two incomes suddenly turning into one. What if one parent was to pass away? How would the family manage financially? Who would care for the kids? A life insurance policy can help provide your family with financial support in the wake of a tragedy.
IN THE MARKET TO BUY A HOUSE? - Like any major milestone, making the leap to become a homeowner can be incredibly exciting. Like any major milestone, it also comes with a lot of responsibility. If you are taking out a mortgage, it's worth considering how those mortgage payments will be met in the occurrence of an unexpected death. If one of the insured homeowners passes away, the insurance pay-out could be used to pay off the mortgage.
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