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Minimum Age For Life Insurance
If you’re shopping for your first-ever life insurance policy, you should know a few basics. First, there's no minimum age for life insurance in most cases. Additionally, knowing the benefits of term life insurance will help you as you compare plans and policies from a life insurance company.
Who Needs Life Insurance?
Life insurance is crucial for many Americans, and with no real minimum age for life insurance (you can even buy policies for your kids), you can be sure that the right product is out there for you.
So what should you consider as you shop around?
When You Need Life Insurance Coverage
While there’s no minimum age for life insurance, a life insurance policy will be most useful for those who:
- Are married
- Have children whom they support
- Have family members whom they support
- Hold consumer debt
- Own a home and have a mortgage
- Started or want to expand a business
- Are planning their estate or retirement portfolio
As you can tell, life insurance is especially useful for people with families and/or significant financial obligations. A life insurance policy can protect family members in the event of your death.
This is why experts recommend purchasing a policy as you plan major life events — buying a home or giving birth to children, for instance.
Finding the Right Plan
As is true in many walks of life, no single option may be the best for everyone. What you need will depend on your specific situation. That said, term life insurance plans tend to offer a great amount of flexibility, along with some of the lowest premiums.
How does it work?
Term life insurance offers you coverage for a set number of years. This could be five years, or it could be more than 30. The choice is yours.
Under a term plan, if you die while the plan is in force, your beneficiaries will receive your death benefits. This can offer security for parents, for example, knowing that their children will be financially secure even in the worst-case scenario.
So, while there’s no minimum age for life insurance, a life insurance policy may be most useful to adults with financial and familial responsibilities. If you’d like to learn more about your options, get in touch with a licensed insurance agent today.
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.