A lot of people often wonder why summer is a great time to get life insurance. One of the reasons is this; summer grants a lot of individuals the opportunity to reflect on past days and inspires fresh beginnings. This season is mostly preoccupied with outdoor activities, family gathering as well as pursuit of new goals. As a result of this, this season is a great time to protect your loved ones from unforeseen events.
Irrespective of whether you’re buying a new home, starting a anew family or seeking to protect your loved ones, summer is an ideal time to get life insurance and protect your financial future. This is the best time to assess your needs and explore various life insurance options that are beneficial to you and your loved one.
If you seek further information, I’ll advise you read to the end of this article. We are going to provide convincing reasons why summer is a great time to purchase a life insurance policy for yourself and loved ones. We would also highlight types of life insurancepolicies to consider.
What Is Life Insurance?
Life insurance is a financial product that provides a lump sum of money to the beneficiaries or dependent of the policyholder if he/she passes on. The primarypurpose of a life insurance policy is to provide financial protection to your loved ones in the vent of you passing away. Your life insurance policy will cover expenses such as funeral cost, debts and other living expenses for hose you left behind.
In all, life insurance is an essential financial tool that helps to ensues that the future of your loved ones and dependents is not jeopardized after your death.
Types of Life Insurance to Consider In Summer
There are several types of life insurance policies you can purchase during summer, some of which include;
Term Life Insurance
This type of life insurance policy provides coverage for a specific period of time. For instance, you can buy a term life policy of 10, 20 or 30 years. If the policyholder dies within the lifespan of the term, the beneficiaries on the policy will receive the death benefit.
Whole Life Insurance
is a type of permanent life insurance that offers lifelong coverage to individuals who seek protection against a wide range of risks. The policy includes a cash value that grows over time.
Final Expense Insurance:
This policy is designed to cover funeral and end-of-life expenses of the policyholders. Just like whole life insurance, it has a cash value component that grows overtime and this can be used to sort medical bills and other funeral costs.
Universal Life Insurance:
Universal life insurance stands out for its flexible premiums and satisfactory death benefits it offers to beneficiaries once the insured passed on. Coupled with this, universal life insurance also has a cash value component.
Why summer is a Great Time to Get Life Insurance
You can purchase life insurance at any point in life and one of the best seasons to have this form of protection is summer period. Most people often advise individuals to get life insurance as soon as possible because of the factors that influence its cots. Here are reasons why we think summer is a great time to get life insurance;
Family Protection and Peace of Mind
Purchasing a life insurance policy in summer guarantees maximum protection and peace of mind, knowing that your loved ones will not suffer financially if anything happens to you. In the event of your passing, your policy will help pay for funeral costs, outstanding debts, and living expenses. It can also be used for other medical cost and mortgage payments.
Age Factor
The cost for premiums for life insurance is determined by several factors, one of which is the age of the individual taking out the policy. The older you are by the time of purchasing the policy, the higher your premiums. So, it is advisable to buy life insurance as soon as possible if you want to unlock lower premiums. If you are young at the time of applying for and purchasing the policy, it is possible to get lower premiums from several life insurance companies.
Increased Summer Accidents
Summer is a slow season and as such, a lot of people often engage in outdoor activities. Some of these activities often come with higher risk and it is best to have a form of insurance that can protect you and your loved ones if something tragic happens.
College Planning
Yes, one of the primary purposes of purchasing life insurance is to cover final expenses. But do you know, you can borrowpart of your life insurance policy to pay for your children’s college tuition? While securing the financial protection of your loved ones, you can as well invest in the academic future of your children by purchasing a life insurance. The summer is a great time to plan and research on life insurance policies to plan your children’s college days.
Overall, summer is a time that providesindividual the opportunity to reflect on their goals and objectives in life, and explore practical benefits that makes it an ideal time to secure if insurance.
How to Buy Life Insurance in summer
The process of purchasing life insurance is relatively easy. The first thing you need to do is assess your need and determine how much coverage you need based on your dependents and financial obligations. Once you’re done assessing your needs, begin to research different types of life insurance policies and identify the one that best aligns with your needs and budget.
To get lower premiums on a life insurance policy, it is best to get quotes from different insurance companies and compare the premiums and coverage options. This would help you easily identify the one that fits your budget. Make a decision on the insurance company you want to purchase the life insurance policy from and send in your application.
Review the policy terms, coverage options, exclusions and premiums carefully. If you are satisfied with the policy features, proceed with the payment to activate the policy.
