Why Investing In Life Insurance Early Makes Sense, With Financial Advisor Donald Dirren
When you’re young and single, you probably don’t give a lot of though to end-of-life plans, or how to protect people you haven’t even met yet from the financial burden associated with a loved one’s death. That being said, doing so now can pay off in dividends down the line. According to financial planner Donald Dirren, investing in life insurance early can set your family up for a comfortable financial future – even if you have yet to meet your future family members.
Donald Dirren says that the cheapest time to sign up for life insurance is usually right this moment. The earlier in life you sign up for life insurance, the less you’ll pay each month. The Discovery of family health conditions can also increase the cost of life insurance, according to Donald Dirren. When you sign up for life insurance now and purchase permanent insurance, your rate is locked in for life. The amount that you pay toward your policy today will not change with age, no matter how your health or family information may change over time, according to Donald Dirren. If you pay $35 per month for your life insurance policy now, you’ll still be paying $35 a month 30 years from now, while your contemporaries may be paying double that price due to taking out a policy later in life.
Signing up for life insurance now also protects the people who would be responsible for your end-of-life costs should an unforeseen circumstance arise. Whether your adult siblings or your parents would be responsible for managing your affairs, the last thing you want is to leave them with a burden. While you may not have a spouse or children yet, naming a close loved one as a beneficiary on your life insurance policy can help to ease some of the stress on family members should an unexpected death occur, according to Donald Dirren.
If you’re thinking about having a family in the future, investing in a life insurance policy now is one of the most loving things that you can do for your yet-to-be-born children, according to Donald Dirren. When you set your children up for a successful financial future, you’re affecting your family positively for generations. If you have a significant other and you’re starting to have serious talks about a future together, be sure to bring up taking out permanent life insurance policies, according to Donald Dirren. While these conversations may feel uncomfortable at first, Donald Dirren says that they’re an incredibly important step in any long-term financial plan.