Life, Disability, and Health Insurance for Professionals and Business Owners

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Life Insurance - Singles

Life Insurance - Singles

As a healthy, young, single person, you may be asking yourself: “Do I need life insurance?”. This is a common question, so here are some areas to consider where life insurance would be a valuable asset to own.

1. Do you have debt?

At this age, you have probably accumulated some debt such as credit cards, student loans, car loans, or other loans from banks, family, or friends. In the prime of your life, you don’t think about the possibility of passing away young and as a result may not prepared for the reality of what happens to your debt when you are gone. In most cases, it is transferred to your family members. With life insurance, all accumulated debt would be paid in full in the event of your death.

Today, life insurance can be purchased at a very reasonable price. In some cases, your life insurance policy could cost as low as .84 cents per day, (male age 28, 500,000). For such a small amount of money, wouldn’t it be better to take care of your responsibilities and not risk passing it on to a loved-one? Life insurance is the tool and the cost is minimal.

Consider these examples:

Male age 28 non-smoker: coverage of $500,000 is only $25.20 per month
Female age 28 non-smoker: coverage of $500,000 is only $18.00 per month

* These rates are provided for illustrative purposes only and could change at any time so they can not be guaranteed.

2. Can you pass a medical?

All private life insurance policies require that you pass a medical exam. As a young person, your health is key to keeping your premiums low. If you have a history of illnesses in your family such as cancer, heart disease, diabetes, or stroke this could affect your ability to get life insurance as you get older. The lowest Life insurance premiums are offered to healthy individuals only, so the sooner you get your coverage the lower your premiums will be.

3. Do you have dependents?

Your children, your siblings, your parents or grandparents… Who would you choose to help if you could? Life insurance provides cash at the time of death. You are free to decide who you want to leave this money to. Again, the cost is so small and the payout will be beneficial to those you care about.

4. Early planning gives you options.

As a young person with low premiums, there are several different policies available to you to choose from. By obtaining a life insurance policy while you’re young, you may be saving yourself thousands of dollars over your lifetime. So, the sooner you gather the information you need the more options you will have.

Consider these examples: (the coverage is 500,000)

A 30-year-old female will pay $25.79 per month to age 50 (20 years).
A 30-year-old male will pay $36.00 dollars per month to age 50 (20 years).

* These rates are provided for illustrative purposes only and could change at any time so they can not be guaranteed.

These are 4 areas to consider when looking at life insurance as a young, single person. What are your reasons? To discuss your concerns or to start gathering your information call David at 780-433-3900 today or contact us by email.

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While life insurance may not be on your radar yet, have you considered disability insurance? As a young, healthy person, the world is in your hands. However, what would happen if you were in a serious accident and you were unable to earn a steady income? Disability insurance benefits provide a monthly income, while you are disabled due to accident or sickness so you can continue to pay your bills until you recover.