iCrowd Newswire
30 Jun 2022, 01:19 GMT+10
Three in ten women worry about how their loved ones will cover expenses and remain financially stable if they pass away, according to a 2021 LIMRA study. Term life insurance can provide significant financial protection to beneficiaries, helping replace income and pay off debts.
But many women may be unsure when it's the right time to buy term life insurance. Should they do so while young and single, starting a family, or wait until they're retired? This article will discuss when women should consider getting term life insurance quotes online and some benefits of getting a term life policy early.
Women should ideally get term life insurance as soon as they can. Buying it early offers several benefits, such as the following:
Term life insurance premiums increase as you get older, not just because you'll have a shorter life expectancy but also because you're more likely to run into health issues. So, the earlier you get your policy, the lower the cost can be. This is especially important if you're getting a longer-term policy, because longer policies tend to charge higher premiums.
Additionally, life insurance is cheaper for women than men due to women's longer average life span. For instance, with a $500,000, 20-year policy, term life insurance rates for men are about 19% more expensive than for women. This is another reason you can expect affordable premiums when looking for life insurance as a young woman.
According to the 2021 LIMRA study, 18% of women said they don't own life insurance because they may not qualify for coverage. You generally have higher approval chances for term life insurance when you're younger. The reasons are the same for getting lower premiums: you have a longer life expectancy and are less likely to develop health conditions. So, this is a good reason to get life insurance as soon as possible.
If you have outstanding debts when you die, you pass those on to your beneficiaries. This can reduce the amount they inherit from you. If you're young, your debts could potentially even outweigh your assets, sticking your family with additional payments they may not be able to afford.
So, if you're starting or raising a family and have debts, it's never too early to get a term life insurance policy. This can protect them against financial trouble if you pass away by replacing your income and covering those debts.
Getting life insurance before you get pregnant allows you to get cheaper rates because you'll be younger, but also because pregnancy increases your medical risk from the insurer's perspective. So, if you plan on starting a family, getting a term life insurance policy as soon as possible gets you a lower rate to cover yourself for your future children.
Technically, your premiums will increase to cover more people if you increase your death benefit, but getting life insurance earlier still lets you take advantage of lower premiums and better approval chances by virtue of being younger.
Term life insurance can be an important part of financial and life planning for women, so investing in a policy early can pay off down the road. Buying term life insurance early in life allows you to maximize your approval chances and lock in lower premiums, which is important if you plan to start a family. Plus, it'll help you ensure your family is protected against your debts if you pass away unexpectedly. When choosing a term life policy, shop with multiple insurers online to find the best rates on the coverage you need.
See Campaign: https://www.iquanti.com
Name: Carolina DarbellesEmail: [email protected]Job Title: PR Specialist
Tags:IPS, Reportedtimes, Google News, Go Media, CE, PR-Wirein, ReleaseLive, Financial Content, Extended Distribution, iCN Internal Distribution, EnglishGet a daily dose of Business Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.
More InformationGOODLETTSVILLE, Tennessee: Dollar General reported record sales of US$10.44 billion for the latest quarter and raised its full-year...
SOUTH BURLINGTON, Vermont: Beta Technologies has become the first U.S. company to land an all-electric aircraft at an airport in the...
WASHINGTON, D.C. Forget bucket lists; this summer, it's all about budget lists. Amid economic uncertainty and a weaker dollar, Americans...
NEW YORK, New York - U.S. stocks rose appreciably Friday following the release of a strong jobs report which sent the U.S. dollar higher,...
WASHINGTON, D.C. America's job market is starting to lose momentum. In April, job openings rose — but so did layoffs, marking their...
TOKYO, Japan: Toyota has announced that it will take one of its key group suppliers, Toyota Industries, private in a deal worth UD$26...
BEIJING, China: The public security bureau in Guangzhou, a city in China, has announced a secret reward for more than 20 people it...
MENLO PARK, California: As artificial intelligence demands explode, Big Tech is turning to an old source for new power: nuclear energy....
MOUNTAIN VIEW, California: To settle a major shareholder lawsuit, Google is writing a US$500 million check — not for damages, but to...
Washington DC [US], June 8 (ANI): National Aeronautics and Space Administration (NASA) on Saturday (local time)said that as part of...
New Delhi [India], June 8 (ANI): India's digital forensics market is expected to grow more than triple the global average of 11 per...
Gandhinagar (Gujarat) [India], June 7 (ANI): Gujarat Chief Minister Bhupendra Patel, while inaugurating the new Development Center...