Whether you’ve just landed your first career job or are simply thinking about the future, it’s never too early to look into life insurance. It’s a good way to pay a small rate to ensure that your loved ones are looked after, should something happen to you. If you’ve ever wondered how it works, the experts at our insurance center in Santa Monica have the details!
Life insurance is just like any other insurance: designed to expect the unexpected. When you take out a life insurance policy, you’re regularly paying a premium (monthly, quarterly, or annually) that will cover your loved ones (named beneficiaries) in the event of your death. The various types of life insurance accommodate the many financial situations found all over Hawthorne, and we’re confident that there’s a plan for you.
A general piece of advice is that you’ll want to select a policy that covers your family’s livelihood between five to seven years after your passing. Be sure to make the plan specific to your family’s needs, such as if you have children that will be going to college. People take life insurance policies out at different times for different reasons (for example, some invest earlier but others wait until they have their first child), so be sure to reevaluate your life insurance plan after a major life change.
The Price to Pay
The premium you’ll be paying is calculated after the company reviews a few factors. These include your age, medical history, lifestyle, and hobbies. These are all things that can impact your well being and longevity and thus are of interest to any insurance company. For example, a professional stunt double who likes to skydive in their free time will have to pay a higher life insurance premium than someone with a more traditional line of work and hobbies. The stunt double is at higher risk of dying on a regular basis, and may not be paying into the policy as long.
If you’re thinking of investing in life insurance, request a life insurance quote from Sully Insurance! Speak to us about any questions you may have about this very important financial decision.