Life Insurance Know When To Buy

Term life insurance has seen a spike in policies sold in 2009 due to the crippling effect of the economy for many.Term life insurance is the a necessary step for virtually all young families. While I understand that nobody wants to think about death at 25 or 30 years of age, the reality is that death is an inevitable fact of life. Based on the current statistics, senior citizens are the majority of the buying population in today's market. This is disconcerting to many Life insurance agents. Seniors are the largest buying segment simply because of procrastination. If you have children it is simply irresponsible to not have life insurance. Many people wait until they have discovered they have a critical illness, or had to pay for an uninsured family members funeral out of pocket. The truth is there should always be life insurance in place even as a child. Many parents ask why would I insure my child's life? Its a valid question and needs to be addressed.The question you have to pose is:" God forbid my child dies unexpectedly, how are we going to pay the bill to bury them, or the hospital bills in attempt to save them? Not only would any parent be emotionally devastated, complicating the finances of burying your child is the last problem you want to deal with in an already difficult time. A juvenile policy or a rider(burial/final expense) to your term life insurance policy would remedy this calamity. The primary reason to buy insurance in any situation is to indemnify your loved ones of bills related to funeral cost,income replacement,college education etc.. The younger you are the less expensive the policy will be. Insurance is not to profit off of one death, its to be prepared god forbid something happens to a loved one, including children. The average final expense bill is roughly $10,000. Many middle income families could be bankrupt in paying for a loved ones final expenses out of pocket.

Delaying putting life insurance in place does not save the consumer money. It costs the consumer more by delaying putting a life insurance policy in place. Not having insurance or choosing the wrong policy would result in a lapse in coverage when needed most or even worse, becoming uninsurable due to a health condition that you didn't have in your younger years. Life insurance should not be viewed as a commodity but as a nessacary investment to protect your wife,kids,parents,or siblings. If you love your family, you owe it to them to put life insurance in place to protect them.