I believe that almost everyone needs life insurance. There is always going to be a percentage of the population that does not believe in term life insurance no matter what someone else says. And that is ok, everyone has their opinion and priorities.
Some people would disagree and I agree that there are varying opinions, particularly if you are financially in great condition.
If you die there are funeral costs. Some estimate these costs to be $10,000 or more. Costs are rising for just about everything – why would funeral costs be any different? Life insurance can be used to pay off your funeral costs but also to pay off credit card debt, a home, cars and provide ongoing money for a spouse left behind or for kids to go to college.
If you are married and particularly have children – there are people in this world who depend on you. They likely depend on you financially. If you are taken away from them this financial support will disappear too. Your monthly paychecks won’t be coming home any longer if you die.
Personally, I would be happy if my family has life alot easier if I were to die prematurely. I want them to have a stress-free financial situation. They are going to lose the income that I provide, so that will be one hit. Losing a loved one is considered the most stressful event in a person’s life. Why compound that stress with financial stress?
The origins of life insurance can be traced to the Romans and Greeks back to 600 AD when they offered coverage for families to pay for funeral and care for the family of a deceased person.
Arizona Term life insurance, by its name alone, indicates that the coverage is for a specified period of time. Commonly you will find term life called by names such as 10 year term, 20 year term, 30 year term. or Refund of Premium term.
If you buy a 10/20/30 year term or get an Arizona term life insurance quote, it does not mean the coverage necessarily ends after that time. Coverage may continue but the premium is recalculated for your new age. Keep in mind that most term life insurance ends after age 75. Term is ideal for younger people. You can buy alot of term for less money than a permanent policy. The downside is term is not forever and the premium increases at some point.
There is no cash value in term. However, Refund of Premium term insurance agrees to refund your premiums in full in the event you do not die after a specified period of time. The insurance company charges an extra premium for this optional feature. When considering such a policy, it is good to consider whether you are able to set aside the extra premium into an interest bearing account. The reason is this optional feature does not pay interest on your money when it is refunded back to you.
Ideally, a person can mix Arizona term life insurance to 1) provide the overall amount of life insurance they need to protect loves ones, with 2) some permanent life insurance to ensure they have some protection in force during those later years.
While it is possible for someone to buy 100% permanent life insurance the cost is usually prohibitive for most people. To have the ability to mix term life along with permanent life is important.
Get a term life insurance quote today! It is best to apply as young as possible while in as best health as possible to lock in the best premium possible. If you wait until you are older, age or health can cause you to pay extra premiums or even be declined.
My basic feelings are this – I want to leave those I love in a much better financial shape that how I began my adult life. Today’s world can be hard in its own way. Every generation can say life was hard. We certainly know that those who lived through the depression had a rough time to put it mildly. But that does not mean things are completely easy for those alive today.
We can ensure you receive a quote for low cost term life insurance. Call our office for more details. Thanks!!