If you are in your 20s or 30s, you may not spend much time thinking about life insurance, but maybe you should. Read on to find out why now is the right time to investigate life insurance.
As a rule of thumb, if you have loved ones who depend on you financially, or who could be affected financially in one way or another if you were no longer here, you should consider getting a life insurance policy, even a small one.
Ask yourself these questions in the event that something suddenly happened to you:
Generally, there are two basic kinds of life insurance – whole life and term life – either of which may make sense for you, depending your particular situation. Both have advantages.
Whole life policies provide coverage for up to a lifetime, as long as premiums are paid. Some people prefer whole life insurance2 because policies accumulate cash value over time – a nest egg that the insured can access in the future.
Term life policies provide coverage for a fixed period of time (or term). The Gerber Life Term Life Plan1 offers a term of 10, 15, 20 or 30 years. Some Millennials opt for term life insurance because premium rates are usually lower than for whole life coverage.
1 Policy Form Series SLT-05
2 Policy Form ICC13-SWLP, Policy Form Series SWLP-13