- Life insurance can be beneficial for all, regardless of age.
- If a client dies with a lot of debt it can bankrupt their family.
- Buying a policy at a younger age is much more affordable compared to policies purchased later in life.
Are your younger clients passing on life insurance? They may not realize it, but now is the best time to get a policy. Here are five reasons to help them understand why.
Client reason 1: Their debt may not die with them
When a person is young and healthy, life insurance policies are, for the most part, universally affordable. And that small investment can go a long way when it comes to covering debts after death. This can include paying for medical debt incurred during illness or injury that resulted in death, paying off student loans, or any other debt that may have been co-signed by a surviving person.
Client reason 2: Life insurance is affordable... for now
When a client is young and healthy, life insurance can be pretty inexpensive. Consider pointing out the advantage of signing up for their first policy while they can still snag lower premiums.
Client reason 3: Funerals aren’t free
The cost of a funeral can be staggering, especially to those who are going through the grieving process. The benefits from a life insurance policy can help make sure loved ones aren’t stuck with the bill.
Client reason 4: Covering illness
Life insurance is purchased in case something goes wrong. Younger clients may need a reminder that the purpose of life insurance is to help cover what could happen, not necessarily what is expected to happen. This may break down the barrier of seeing past the here and now when they are young and healthy. Because if they became seriously ill or injured, medical costs could soar higher and faster than expected. And in the event that their illness or injury should cause death, those medical bills may not magically disappear.
Client reason 5: Family in the future
Maybe your client doesn’t have a family of their own now, but it could be around the corner. By having life insurance now, they’ll have one important responsibility already covered — but they may want to update their beneficiaries once they are married or have kids.
Things to Consider:
- The cost of purchasing life insurance only gets more expensive as client ages.
- No one thinks anything will ever happen to them, until it does and they’re completely unprepared.
- From debts to funeral costs, a life insurance policy can help save families from a crushing financial burden.
This article is provided by Everplans — a life and legacy planning company dedicated to transforming the way people get their families organized. For more information, visit: everplans.com.
Neither Transamerica nor its agents or representatives may provide tax or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors regarding their particular situation and the concepts presented herein.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as insurance, securities, ERISA, tax, legal or financial advice or guidance. Please consult your personal independent advisors for answers to your specific questions.