No matter how old someone is, they could benefit from having a life insurance policy. There are different kinds of life insurance, though, and you may get better benefits from one or another based on your age. If you are looking for life insurance in O’Fallon, MO, Senn Insurance Agency can help you look at all your options.
The Younger, the Better
The younger you are, the smaller your premiums will be. The premium is the monthly payment to maintain your policy.
Term life insurance is popular among young people because of the lower premium prices. If you choose a term life policy, you will decide how long you want your policy to last and how much insurance you want.
Term life insurance usually lasts between 10 and 30 years and is the less expensive option. The only benefit is that there is a death benefit paid out if the person who holds the policy dies. Some people add a term life policy to a whole life policy during certain financial situations, such as buying a new home.
Whole Life Insurance
Whole life insurance lasts forever or as long as you keep paying your premium. Unlike term insurance, there is a cash component where the policyholder can borrow money against the policy.
Many people choose whole life insurance after the age of 30 because it provides long-term financial security. For instance, older people can carry a policy that will help provide for the children, pay off the mortgage, and pay burial expenses.
Your circumstances are unique, and what might be best for you wouldn’t work for someone else. If you live in O’Fallon, MO, Senn Insurance Agency can help you assess your current situation to make an informed decision. Call today.