The Advantages of Life Insurance for Young Families

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Coverage amounts range from $100,000 to over millions of dollars. Play around with the quoting tool to see what works best in your budget.

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Protecting Your Loved Ones

Term life insurance protects against the what-ifs in life. What if you die in a car accident driving home from work? What if you’re diagnosed with cancer?

You’ve likely seen a Go Fund Me campaign. Maybe you’ve contributed to them. Go Fund Me states that they host over 125,000 funeral fundraisers each year.

These are families struggling to pay bills due to a loved one’s death. Don’t leave your family to struggle.

Term life insurance is affordable. If you have people depending on you, get life insurance.

Ensuring Your Future Insurability

Most term life insurance policies have conversion and renewal options. These options are essential in protecting your family’s future.

Term life insurance policies aren’t designed to last forever. They provide extra precaution during your prime earning years. The years your family relies on your income the most.

However, let’s say you bought a 20-year term policy when you were 30 years old. And a few years before your term is set to expire, you’re diagnosed with stage IV thyroid cancer. What now?

This is where the conversion and renewal options are life-saving for your family.

A cancer diagnosis makes you uninsurable. You would not be able to buy a new life insurance policy to make sure your family is taken care of and can pay for all the medical bills you’re about to accumulate.

However, your current term life insurance policy allows you guaranteed insurability via converting or renewing your coverage.

With the conversion option, you can convert all or a portion of your term policy into a permanent policy. Mind you, this will increase your premiums exponentially. But instead of a term policy, you’ll now have a permanent policy which means your family will receive a death benefit check when you die.

With the renewability option, you can choose to simply renew your current term coverage another year. Renewable premiums are very expensive and will increase each year you decide to renew.

Choosing between converting and renewing will depend on why you need to continue the coverage. Were you diagnosed with a terminal illness? Then renewing may make the most sense.

Were you diagnosed with a chronic illness that makes you uninsurable for a new policy? Then conversion may make the most sense.

When you’re preparing to buy a term life insurance policy, check with your agent to determine if it has conversion and renewal privileges.

To wrap things up, if you think you’re too young for life insurance, I’d say the opposite is true. You’re the perfect age for life insurance!

Buy it cheap now and it can last up to 40 years. By that point, your children will be grown, your mortgage will be paid down, and you’ll be heading into retirement with other assets and savings.

So, take a look around the room. Do you have pictures of someone you love on your desk, as the screensaver on your computer, or hanging on the wall? Or maybe you can hear laughing (or screaming, if we’re honest) in the next room. If so, take the time to buy life insurance to protect them.