If you are considering registering for life insurance in Sandy, UT, there are some important things to consider before you take that step. Read on to find out when it is a good idea to get life insurance.
Adding to the Family
Is your family expecting your first child? Even if it is your second or even fifth child, it is crucial to put some serious thought into the future of your family. After all, it is no surprise that you will not be around forever. In the unfortunate event of something happening to you or your spouse while your children are young, life insurance can provide them with a sense of financial security. It is advisable for a couple to take out life insurance policies for each of them in such an instance. Term insurance may be a better option, if you are interested in avoiding high premiums.
On the other hand, many experts state that it is not advisable to acquire life insurance if you are young and single, since the future is uncertain and you do not know how many children you will have. However, it can be of benefit to buy some form of life insurance at this point, since the cost would be low and you can get a term of 30 years that will be in place by the time you have kids.
During the Golden Years
If you are over middle-age or entering your “golden years”, you may want to consider getting a life insurance policy. The death benefit of a whole-life policy will allow your heirs to have the ability to pay the estate-tax when you pass. The policy would be best if held by a trust, so that it is not counted as part of your estate.
When you are ready to begin the discussion about your own life insurance, reach out to Smart Way Insurance Agency, which serves Sandy, UT and the surrounding areas.