If you are a young and healthy adult, chances are, you probably haven’t put too much thought into getting a life insurance policy. But, what you might not realize is that taking out a life insurance policy now, before old age and health issues creep up, is the best thing to do. By starting a policy now, you’re more likely to secure yourself a lower rate, as premiums increase with age and are based on overall risks, such as health and lifestyle factors.
Those who have more dangerous or risky careers, such as pilots and skydivers, will have higher premiums. Additionally, a medical exam will help assess the risk of early death in an applicant. If your policy requires you to take a medical exam, prior to getting approved, the monthly payments are usually lower than if you got a policy without having to take a medical exam.
While many people think that the death benefit of a policy is automatically paid to the deceased person’s spouse, that is not always the case. You can name specific beneficiaries in your policy, other than a spouse and this will take precedence over your last will and testament.
Taking out a life insurance policy is important for people of all ages, but parents should take even greater consideration when thinking about purchasing coverage. You want to rest easy, knowing that no matter what happens, your children and spouse will be taken care of if you were to suddenly pass away.
If want to test your knowledge and take the first step towards securing the perfect policy, take the quiz from Health IQ below, now!
