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Life Stages And Life Insurance
Life insurance is one of the most important aspects of your financial plan. However, most people do not think that they need a life insurance policy until they start a family or have a career. Investing in a life insurance policy when you are young will come with many benefits that you can enjoy throughout the life of the policy.
Your life insurance rates are partially determined by how likely you are to pass away. When you are young and healthy, you are considered a lower risk, which means that you can benefit from lower rates. The low rates that you qualify for when you are young will carry on throughout the life of your policy, helping you save thousands of dollars.
As you enter different stages of your life, you should take the time to update your life insurance to make sure that you have the right amount of coverage. Getting married, buying a house, and having a child can all mean having to update your life insurance policy to increase your coverage. You may also have to lower your coverage throughout your life, such as if you pay off your mortgage or get divorced. The amount of coverage that you have should be based off of how many dependents you have and what they will use the death benefit for.
When you reach your retirement, if you have a well-planned out retirement plan, you may be able to drop your life insurance coverage completely to help save money. However, if your spouse does not have a retirement plan in place, you should keep your life insurance policy in place to ensure that they are financially covered when you are gone.
Contact the insurance professionals at Cook, Disharoon & Greathouse in Oakland, California for all of your life insurance coverage needs.
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