Don't Expect Your Life Insurance Today To Cover You Tomorrow ...

It?s always nice to plan for our future and work towards our personal goals, but what are we really working towards?

As we get older our personal needs and goals change, but did you ever think that those individual goals are very typical for our age and life stage?

A life stage is a milestone in our life that is usually determined by our age, our career aspirations, as well as our future financial goals and our past financial achievements.?

Each new milestone in our lives such as graduating from college, buying a house, getting married, or planning for retirement represents a different life stage. Our financial needs, our insurance needs, and our financial priorities change with each different life stage.

Life Insurance is not only for older people who are planning their retirement or planning for their final estate expenses.??According to?TD Insurance?Life Insurance is a vital aspect of every life stage from starting out in our early 20?s to preparing for retirement in our late 50?s.

When we are first starting out our professional and financial lives after graduation we may not be able to afford the total amount of life insurance coverage that we actually need to cover our debts and expenses in case of an unfortunate event.? However we should try to purchase at least a basic life insurance policy that will cover our final costs (such as our funeral expenses) if ever an unfortunate event occurs.? Ideally we should also have enough life insurance to cover the costs of our student loans so that we don?t leave our loved ones with debt.

As we become stable in our career and we start to accumulate assets, our life insurance needs may change.? We may have the option to purchase group life insurance through our employer and this may be the most cost efficient way to purchase life insurance.? If we purchase assets such as a home or a car which have a loan or mortgage attached to them we may want to purchase life insurance in order to cover the debts in the case of an unfortunate event.

As we get older our debt balances will decrease as the value of our liquid and fixed assets will increase, during this time our?life insurance needs?may once again change.? We will not need life insurance to cover our mortgage loan once the loan is paid off.? Maintaining life insurance and paying the monthly or annual life insurance premiums can be a very expensive cost, especially if the expense is an unnecessary expense.? If we want to leave a financial legacy to a loved one after we are gone we may be able to do so with the accumulated value of our assets, and therefore life insurance may not be necessary.

Just like any other financial product, there has to be a need for life insurance before we incur the additional expense of life insurance premiums.? If you are preparing for final funeral and tax expenses, if you want to pay off any outstanding debts, or if you would like to leave a financial legacy to your loved ones then life insurance may be a smart financial planning strategy; otherwise life insurance premiums may just be an unnecessary additional expense.

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