For some residents of the city, life insurance is a necessity; for others, it’s a foreign concept. In a diverse city like Lexington, people come from all kinds of backgrounds but the one thing we’re all susceptible to is death. It’s not exactly dinner talk but at one point or another, you will be faced with the issue of your own mortality. Depressing as it may be, we all pass away and those left behind are responsible for tying up loose ends. Make it easier on your loved ones by purchasing Lexington, KY life insurance.
You can purchase a life insurance at any point in time but if you’re looking to lock in low rates for a long time, buy a policy when you’re young. Many life insurance companies require that you take a physical test before purchasing a policy. This gives the insurance company an inside look at how much risk they run based on your health. Barring a freak accident, generally healthy people have a lower risk of dying earlier. But, that doesn’t mean you shouldn’t buy a policy later in life.
Many individuals don’t begin to consider the importance of life insurance until they start a family. The reality is that there’s no wrong time to buy life insurance.
It can be if you purchase term life insurance. This is a very basic policy that pays death benefits to family members of your choosing when you die. You select the number of years the policy should be effective and the amount of death benefits. Then, your premiums are locked in for the life of the policy. This is one situation where purchasing life insurance at a young age would save you money down the road.
Of course, there are other options. If you want a life insurance policy that builds your investment portfolio, permanent life insurance may be right for you.
This policy is effective for your entire life or until you reach the ripe old age of 100. Similar to a term life policy, you select the amount of death benefits that you want but there is one main difference. Permanent life insurance policies contain a cash value investment which accumulates value over the life of the policy and is also distributed at the time of your death. The rate at which you accumulate cash value and the premium you pay depends on which type of policy you choose:
Whole life is generally regarded as an even keeled policy that has level premiums and rate of return throughout, while universal life is subject to market fluctuation but offers more flexibility. There are pros and cons to each plan. With the help of a Trusted Choice® member agent, you can figure out which one is right for you. Compare Lexington life insurance quotes on the Trusted Choice website and get a customized policy to meet your needs. To get the information you need, contact an independent agent today.