Perhaps you’ve heard the maxim, “Preparation is the key to success.” But when it comes to life insurance, knowing when to prepare is almost as important as the preparation itself.
Sure, it can be difficult to think about life insurance as early as your 20s, but life can move quickly. Before you know it, you’ll be in your 30s and possibly supporting a family. Even if your life plan doesn’t include children, it’s almost always a wise move to consider helping those who matter most to you.
Some believe they simply can’t afford life insurance on top of all the other bills they pay at an early age. And, if you’re graduating college with student loan debt, you may have more expenses than you realize.1
Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.2,3
Insurance can be an intimidating topic, but it doesn’t have to be. I’d love to chat with you about your choices. Call today or respond to this email, and we’ll set up a time to talk. Even if right now isn’t the best time to purchase life insurance, discussing the future is a smart move.
1. TheBalance.com, February 11, 2021
2. BusinessInsider.com, February 15, 2021
3. NerdWallet.com, February 23, 2021
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.