Have you ever heard the saying, “The early bird gets the worm, but the second mouse gets the cheese”? That quote got me thinking about life insurance and the way that people view it. I see how life insurance benefits people in a variety of ways, but everyday I also hear that some believe they are too young or too old to purchase a policy. That is simply untrue!
First let’s talk about the “early bird” type of insurance. A fantastic policy that some people may not think about is one that grandparents take out for their young grandchildren. Often, I see the grandparents purchasing it as a birthday gift or Christmas gift. These policies are unique because they can guarantee insurability for that child. This means that circumstances such as autism or juvenile diabetes will not preclude that child from being able to be covered if the child develops these and other common health issues after the policy is issued. Once issued they remain the same rate no matter what health issues they develop.. The ownership on these policies is also able to be transferred once the child reaches a certain age – typically 18-21 years old, without the price of the premium going up.
Another perfect time to think about investing in life insurance would be during what we call life events or triggers. When a child starts driving or graduates from college, maybe when they start out in their first professional career job. These are excellent times to consider a life insurance policy. These days many couples are waiting until mid-30’s or later to start a family and even then is another great time to start a policy. In this instance, I would suggest that the parents cover themselves first and then add a child rider to the policy.
If you are retired or an empty–nester it is still not too late to consider a life insurance policy. These are my clients that fall into the “second mouse get the cheese” category. At this age, life insurance can act as a legacy for you to leave behind – maybe for your church or your family. Many retirees I know have waited until later in life to build a dream home or invest in a lake house and life insurance can protect that investment easily.
Whether you are looking to insure an early bird or a second mouse scenario I want you to know that now is a perfect time to have a conversation about life insurance. Options abound these days which means affordability and flexibility to your plan can be found. Contact us today and let us know what you are looking for – we just might change your view on life insurance!