Yes, because there are multiple long-term (and even shorter-term) advantages to investing in a low-cost life insurance policy now, perhaps before your eventual beneficiaries are even a twinkle in your eye. <\/p>\n\n\n\n
Here are what we think of as some of the leading reasons for shopping for low-cost life insurance now rather than waiting until you\u2019re older and maybe more settled. <\/p>\n\n\n\n
1. Life Insurance is Cheaper Now in OR\u00a0<\/h2>\n\n\n\n
Let\u2019s get right to the punchline. Start with this post\u2019s prime payoff. It\u2019s cheaper now. <\/p>\n\n\n\n
If you invest in a permanent life insurance policy<\/a>, your insurance company will eventually issue a payout. No doubt about it. It\u2019s virtually the definition of the policy. As long as you continue to pay your premiums, the insurer guarantees a face-value death benefit when you die. <\/p>\n\n\n\n The only way the insurance company suffers is if the policyholder dies too soon after obtaining the policy. When that happens, the premiums paid by the policyholder don\u2019t come close to offsetting the payout. <\/p>\n\n\n\n That\u2019s why life insurance underwriters love clients who buy policies when they\u2019re young. It\u2019s likelier that you\u2019re healthier and will live longer if you\u2019re in your 30s, compared to those who first invest in life insurance decades later. <\/p>\n\n\n\n Makes sense, right? It\u2019s just arithmetic. <\/p>\n\n\n\n That expectation of a hopefully long and relatively healthy life translates to much lower premiums to clients in their 30s than they would have to pay when they\u2019re 20 or 30 years older \u2014 as long as you\u2019re a non-smoker and have no serious ailments at the moment you acquire the policy. <\/p>\n\n\n\n And remember, your rate won\u2019t be reconfigured if you get your policy at age 30 and develop a life-threatening illness at 35. The last word on this subject is that it will literally never be cheaper to obtain a life insurance policy than now, when you\u2019re in your 30s and highly sought by insurance companies. <\/p>\n\n\n\n When you\u2019re in your 30s, you\u2019re still relatively fresh into your career. You probably have many more raises, promotions, annual bonuses, and fruitful job changes in your future. But at the same time, the cost of your life insurance policy will stay the same. <\/p>\n\n\n\n That means your policy grows effectively cheaper every year. Think of how your parents chuckle about what they paid for a car, their home, or living expenses 30 years ago. It seems ridiculously inexpensive now, simply because of inflation and the fact that your folks probably make a lot more money now than they did decades ago. <\/p>\n\n\n\n The premiums you pay for your low-cost life insurance policy will look the same way a few years down the line. That\u2019s not necessarily true of those who first invest when they\u2019re older<\/a> and getting closer to a fixed-income retirement. <\/p>\n\n\n\n There are two main types of life insurance policies<\/a>. Term life insurance only covers a specified period of time. Maybe you get a term life policy to cover the 20 years in which you\u2019ll be raising your children. If nothing happens to you after the term ends, your policy is no longer in force. That\u2019s fine with you though because you no longer need the policy. The kids are on their own. Your policy has done its job. (And let\u2019s be honest, you\u2019re kind of glad your policy never issued a death benefit.) <\/p>\n\n\n\n Whole permanent life insurance is different. The policy covers you to the end of your life. At that time, there\u2019s a guaranteed payout to your beneficiaries, perhaps your spouse or children. In addition to offering reassurance that your loved ones will be cared for if you should die unexpectedly, this kind of insurance policy can also accumulate cash value over time. <\/p>\n\n\n\n If cash value is a component of your policy, you might be able to borrow on it over time. And if you begin paying on that policy while you\u2019re in your 30s, it might acquire an impressive amount of cash value by the time you might wish to borrow against it, decades later. <\/p>\n\n\n\n Ask your insurance agent about the cash value potential in the policy you\u2019re thinking about and details on how you might (or should) take advantage.\u00a0<\/p>\n\n\n\n You probably know what happens if you quit paying your life insurance premiums. Your policy will lapse and the death benefit won\u2019t be paid to your beneficiaries at the end of your life. That\u2019s a powerful incentive for keeping the policy \u2014 and the investment \u2014 in force. <\/p>\n\n\n\n For many people, their parents\u2019 life insurance policy is their largest source of inheritance. That death benefit can also protect the financial stability of your surviving spouse or other loved ones. In other words, you\u2019ll get a lot of value out of what will be a rather modest investment over time if you obtain your low-cost life insurance policy while you\u2019re still in your 30s. <\/p>\n\n\n\n Want to learn more about the abundant benefits of acquiring low-cost life insurance while you\u2019re still in your 30s? Simply pick up the phone and dial (800) 455-8276<\/a>. You can also visit an Oregon life insurance agent at your nearby Vern Fonk Insurance<\/a> location. Or get a quick quote online<\/a>.\u00a0<\/p>\n\n\n\n2. Your Low-Cost life Insurance Gets Even More Affordable Over Time\u00a0<\/h2>\n\n\n\n
3. Your Policy Might Accumulate Cash Value\u00a0<\/h2>\n\n\n\n
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<\/figure><\/div>\n\n\n\n4. This Might Be Your Smartest \u201cForced\u201d Investment Ever\u00a0<\/h2>\n\n\n\n
Young Oregon Residents, Call Us to Discuss Your Low-Cost Life Insurance Options\u00a0<\/h2>\n\n\n\n