Understanding Why Life Insurance Protection is so Important

 

Reasons to Purchase Life Insurance  Through Park Place Financial Group Marriage: Getting married means that you and your spouse share financial responsibility. It also often means increasing expenses, such as two sets of auto loans, student loans, and a bigger mortgage. When you both contribute to the household, whether by earning income and/or by managing the home, you both need life insurance.  Birth or Adoption: Adding a child to your family also increases your financial obligations. Here's an opportunity to ensure you have enough life insurance to cover lost income, childcare expenses, and each child's future education costs. Divorce: Going through a divorce could also change your life insurance needs. You may want to change your beneficiary for an existing policy. It's also an excellent time to purchase a policy to cover your new set of financial responsibilities, whether they're lower or higher, after the divorce is settled. Final Expenses: Final expense insurance is a type of life insurance specifically designed to cover the costs associated with a person's funeral, burial, and other related expenses that occur after their death. It is also known as burial insurance, funeral insurance, or senior life insurance. The primary purpose of final expense insurance is to ease the financial burden on the deceased person's family during a difficult time.

What age should I buy life insurance?

If you're wondering the best time to get life insurance, remember there's no universal answer for everyone. Each person has different personal and financial responsibilities that impact the best time to buy life insurance and the ideal death benefit amount.  But here are some time-related factors to consider:

The younger, the better 

A simple rule to remember is this: The best time to apply for life insurance is now. That's because you're the youngest you'll ever be. When you're in your 20s, 30s, 40s, or 50s, you may need a term life insurance policy until your kids leave for college.  Once you reach retirement age in your 60s, it may be best to get a whole life insurance policy. You can use it to help your spouse financially in the event you pass away first, or you could use the benefit to leave as an inheritance. Either way, the younger and healthier you are, the lower your premiums will be — meaning there's no time to buy life insurance like the present.  https://agents.ethoslife.com/invite/0727f

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Please reach out to our team of our insurance advisors at Park Place Financial Group with over 30 years of experience to learn more about how we can help you with our Life Insurance programs or any of our other exciting range of diverse products including mortgage loan products and real estate.

Joe Costa

Park Place Financial Group

619-990-7552

402 West Broadway

Suite 400

San Diego, CA 92101

www.parkplacefg.com