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The quick answer to this question is, when you are young and healthy.

Life Insurance 101
    Basically there are two forms of life insurance.  Whole Life and Term Life.

Whole Life
    This form of life insurance is usually carried for the duration of your natural life and one would expect that at some point, the benefit will be paid to the beneficiary designated in the policy.   This form of life insurance typically will have a higher premium and maintain a cash value that can be redeemed should you decide that you no longer need to carry life insurance.

Term Life
    This form of life insurance is for a specific term and/or a specific need.  This coverage is usually inexpensive for the young, healthy individual.  An example is a young family starting out with obligations such as a home, auto and their children’s future education expenses as well as normal living expenses should an event occur that would remove the bread winner of the family.
This form of insurance does not carry a cash value and insures the individuals life for a specific term.

Examples of these forms are:  A young male, age 30 and a nonsmoker and in excellent health.

$100,000 of Whole Life coverage would cost $74.17/ month.  At the end of 40 years there would be an accumulated cash value available of $49,350.

$100,000 of Term Life coverage would cost $13.42 /month for a term of 30 years.  At the end of 30 years, coverage will expire.  The good benefit to this is that due to the low cost, a young individual can afford a greater amount of insurance thereby securing his families needs.  Example being that $250,000 of coverage, thirty year term, will only cost $23.33 per month.

If it is later in Life and you find that you want to purchase coverage for final expenses, the rate for an individual male, age 65, good health, non smoker, $10,000 Coverage, is $41.75 per month.

As you can see the benefits of buying your life insurance at an early age has many advantages over waiting until you need it.  Call us today to discuss this important, overlooked coverage.

Booth Insurance Agency, Inc. 111 South Market Street, McArthur, Oh 45651
Call 740-596-5815
Posted 12:44 PM

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