When is it time to buy Life Insurance?


February 1st, 2019

Life insurance is a crucial step in planning for your future. Not only can life insurance provide assurance for your family if you are no longer around, there are life insurance policies that offer benefits while you are living. At Gunn-Mowery, we understand the life insurance needs of our customers.

The necessity of life insurance depends on your own personal and financial needs. However, buying life insurance sooner can be helpful as insurance gets more expensive as you age. And, if you develop a medical condition, the price may change. So if you think you might need life insurance in the future, the best time to get it may be now while you’re young and healthy.

 

Generally, you should consider life insurance if:

  • You have a spouse
  • You have dependent children
  • You have an aging parent or a physically challenged relative who depends on you for support
  • Your retirement savings are not enough to insure your spouse’s future against a rising cost of living
  • You have a sizable estate
  • You own a business

 

Additional benefits of life insurance other than providing for your loved ones, in case something happens to you include:

  • The cash value earned and borrowed from a permanent life insurance policy can be used to help with large expenses, such as a college education or down payment on a home.
  • The growth of a cash-value policy is tax-deferred — you do not pay taxes on the cash value accumulation until you withdraw funds from the policy.
  • Life insurance can be used to cover funeral expenses and pay estate taxes — consult your tax advisor agent for more information.

 

The right coverage for you in Pennsylvania is unique – contact us and find out how to protect your family and your future with the right life insurance.

 

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