Jerry Angel Life Insurance Agent Testimonial


At what age should someone start looking for life insurance?

It depends on what your goals and needs are to determine what the purpose of the policy is. For example, a youngster purchases a policy to have insurance for the rest of their life as a death benefit. However, there are other purposes for life policies. Some people need the money for college. On the other hand, some people want the money for retirement. Ultimately, life insurance policies work in multiple directions to cover different types of needs.

The young family guy, for instance, needs insurance because it is a death-benefit situation. If he is single, he has little to no responsibility. Contrarily, the moment he gets married and has a child, then, he has a lot of responsibility. A family qualifies as a need in which to have life insurance. If he is still unmarried, he needs a life insurance policy to build on to have money for retirement.

The key advantage of using money from a life policy is it’s 100% tax-free. Instead of building considerable retirement funds that will be taxed and have restrictions, he can use the life insurance policy. Moreover, you can contribute to a significant life policy for less money, and the money is 100% tax-free. So again, the purpose of the policy matters. Therefore, a young guy without any responsibilities may very well want to start a life insurance policy for retirement. Then, if he creates a family – that’s a whole other realm, and he will need life insurance as soon as possible. Because if something happens to him, what’s his family going to do?

Okay, so what I’m hearing is the sooner, the better. Your example of the young man suggests regardless of marital status, buying a life insurance policy is a good idea. So, for those who are single but intend to be married, would they alter their policy when they get married? Or do they purchase something in addition to their existing policy? How does that work?

Let’s use the same example of a young man with no responsibilities. How can life insurance play a part in his life? Considering the way the policies are today, he creates, as I said earlier, a retirement plan. With a policy – albeit not a large one – he can funnel as much money into it as possible to create a retirement income. Then, when the family comes, he will need an additional policy.

Sometimes, instead of permanent insurance, he may look into term insurance. In the beginning, term insurance allows for a much more sizeable death benefit with less money going out-of-pocket. If something were to happen to him in the next five years, then the term insurance would supply the death benefit to take care of that need. On the other hand, the permanent policy he would be building on remains in place regardless. So if nothing happens to him, it’s there. When, for instance, his kids eventually leave home, causing his responsibilities to lessen, he puts more money into his permanent insurance that’s going to meet a different need.

Life Insurance Questions?

We hope that this information was useful to you.

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Updated On 02/15/2024. 

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