In this video blog, Insurance Advisor Joe Yates answers the question, “Who really needs life insurance?”
Claude: Hi, I’m Claude. This is Joe, and we’re with CommunityAmerica. And today, we’re talking about Life Insurance. Joe, I have a simple question. Does everybody need life insurance?
Joe: I would say that’s a simple question, but not necessarily a simple answer. It’s really what your goals are in life. If you think in life there may be a need for life insurance. If you want to buy it when you’re young and healthy, that’s going to be when it’s least expensive, so that would be a good time to buy.
Claude: So I can lock it in early when I’m younger and healthier, at a lower rate? Is that what you’re saying?
Joe: Yes, that is exactly what I’m saying.
Claude: Ok and then what if I can’t afford to buy it until I’m 50? Is that still an option?
Joe: It’s still an option; just keep in mind that it probably will cost a little bit more because you’re now older; health could have changed a little bit so that would weigh into the cost of it.
Claude: Okay, and is there a reason I would not have life insurance?
Joe: It really depends on what your personal goals are, but if your goals are to leave a benefit amount to your family, if that’s something that you have in the future or have now, then you might want to look at life insurance if you can’t self-fund that.
Claude: And that’s something you can help me figure out?
Joe: Definitely is.
Claude: Great, thank you.