07 Jul Why should I have Life Insurance when I am Young?
When people think of life insurance there are a lot of stereotypes that cross through their mind. For example, death, old people, Inheritance, Etc. What people do not know is that it is an investment. The younger you start, the more money you are going to build. You are probably wondering, where do I start? Well, there are different types of life insurance you can obtain. There is Term Life and Permanent Life.
Term Life
Term life is when you only have coverage for a certain number of years. For example, you could have a 20-year policy, 30-year policy, etc. During that time, you will be paying a steady amount, could be $10 a month or $200 a month, either way your investment is constantly multiplying throughout the years. If you pass during that time, then your family will inherit all you have built up over the years. There is a type of term Life that will give you return as well. This one is typically more expensive based on your age, but this means if you do not die within the amount of time your Life Insurance policy is active, you will receive the money back.
Permanent Life
A Permanent Life Policy has multiple types as well. Whole life is the most common. This means that the life insurance policy lasts for the remainder of your life. The money you put into it is multiplying yearly. Once you pass then the policy will be paid out to your beneficiary. It will be paid out in full the amount you obtained the policy for. Sometimes Life Insurance is included in your Jobs benefits. Keep in mind, you may work there for a good 10 years and build up a good life insurance policy, but if you leave the job then it is gone.
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