Life Insurance Checklist for Women in their 20's and 30's
Shopping for life insurance can be a very overwhelming task, and many times people are unsure where to start! In this article I will be discussing some major milestones in a young woman’s life, and different factors that play into her consideration stage on her buyer’s journey for life insurance.
First Job
The first time you may encounter the possibility of purchasing life insurance is the start of a new job. Following graduation, full time employment is often sought after. Many employers offer life insurance to their employees through their benefits package. Although it may be offered at an attractive price, or even free, the coverage may not be sufficient. The coverage is often a pre-determined number, such as a year’s salary, which may not be feasible for you. Some drawbacks of this option include the loss of coverage if you no longer are employed at the same company, or the need to purchase a supplemental policy as well, which is an added cost.
http://www.thebalance.com/should-i-buy-my-life-insurance-through-work-2386080
Graduate School
If you are in graduate school, many people believe that since you may not be earning an income, there is no necessity for life insurance. This is not the case! If you have a cosigner of your student loans/any dependents, they could end up being responsible for the loans that you have. Purchasing life insurance as a graduate student with loans could be a potential safeguard to your loved ones against any financial difficulties. In addition, life insurance is cheaper when you are young and in good health. Locking in low rates as a student could benefit the future you!
http://www.policygenius.com/life-insurance/life-insurance-for-graduate-students/
Newlywed
Marriage is a great milestone in a woman’s life, and many times life insurance is up for debate. It is often seen that newlyweds find it more valuable to own separate term life policies. This is more affordable, and as opposed to joint life, which only will pay out once both partners die, term life is beneficial to each partner. Term life policies for each spouse will guarantee coverage, and allow you to customize your coverage as well as your beneficiaries.
http://www.brides.com/life-insurance-for-married-couples-5179922
Starting a Family/Becoming a Homeowner
Financial security is a main priority once starting a family. Life insurance allows you that financial cushion and sense of security that you may desire. Many people tend to purchase life insurance after buying a home in order to include the new mortgage that is due. If something happens to them, life insurance covers you! If you purchased your home with a partner and if you have children, then a term life insurance policy is one of the best ways to provide peace of mind to your family in the event that something may happen to you. Each growing family is different, which results in varying policies that you may want to consider.
Different policies based on your situation: http://www.nerdwallet.com/article/insurance/a-new-parents-guide-to-life-insurance
Divorce
Divorce is a real concept to keep in mind in the event of purchasing life insurance. Many customers keep this possibility in their minds while purchasing life insurance, which is why many people purchase separate term life policies. This way, rather than a joint policy, you can change your beneficiary.
http://www.investopedia.com/articles/personal-finance/112515/how-life-insurance-works-divorce.asp
InsuredTY’s mission is to serve all families from all backgrounds with industry-grade Life Insurance. If you are in the market for Life Insurance email us at support@InsuredTY.com. Thanks for the support!