Life insurance is never a priority for most people in Clarkston, MI. Specific age calls for specific financial planning, which makes it challenging to prioritize life insurance. In your 20s, you’re a graduate looking for a job, in your 30s, you’re already married with a mortgage, at 40, you’re planning your estate, and at 50, you’re thinking about retirement.
At the Ryan Insurance Agency, we advise our customers to buy life insurance anytime they feel they have a reason to do so. Of course, there is no right time to get the policy, but there are a few questions you need to ask yourself when deciding to buy life insurance.
Do you need life insurance in your 20s?
There are so many reasons to buy life insurance at this age. Your responsibilities are fewer as you’re just settling into adult life. You’re young, strong and healthy, meaning that you will pay lower premiums than older adults.
Do you have debts that will take a long time to pay?
If you have long-term debts like a mortgage, you can buy term life insurance to help pay back the debts to avoid burdening your loved ones when you’re gone.
Do you have children or plan to have a child?
If you’re looking forward to being a parent, you now have someone depending on your income to live. Being a parent comes with many financial responsibilities, and if something happens to you, your children will feel the weight of taking care of themselves.
Is your job high-risk?
Life insurance is designed to protect your family financially if something happens to you. If you work in a dangerous environment, you have a higher chance of dying than someone working in an office. If your Clarkston, MI employer hasn’t organized your life insurance already, you might want to buy ten times your annual income as your death benefit.
Don’t forget to seek advice from a professional at The Ryan Insurance Agency to examine and analyze your life insurance needs. We also help take you through the purchase process so you can have the peace of mind you deserve. Call us today!