Expert Q&A

I’m 33 years old. I do have a spouse and four children. That was a huge motivator for me to get life insurance.

I think it’s important to assess the reason why you’d be getting life insurance. Do you have a spouse, children, or anyone who is financially dependent on you? If so, you probably should consider getting a policy.

If there’s nobody who would be financially impacted by your passing, you may be better off putting that money toward a disability policy, so your income would be protected in the event of a disability.

As Tatiana Rose mentioned, you will pay quite a bit less than someone who is middle aged, or older. In fact, term life insurance policies are very affordable right now. So, if you do see a need, now or in the future, right now is the time to jump on it.

Here’s a reason that you might want to purchase a life insurance policy now, even if there’s no one who would be financially affected by the loss of your income; to protect your insure-ability.

Let’s say you get a $500,000 20 year term policy now. It’s going to be affordable for the next 20 years. In three years, you get married, have three kids, and come down with cancer when you are 40. You’d have the protection already set up when you need it most.

If you don’t buy insurance now, and wait until something bad happens, you will likely be ineligible for coverage. So, since it’s so affordable, you may want to consider buying it to protect your insure-ability.

Jared J. Balis