Question: I am 25 and am being advised to buy life insurance. I am not married and have no children. What are the advantages to buying life insurance now?
Answer: While I am not an expert on life insurance and I certainly don’t sell any type of insurance, I can speak generally to the question in terms of what I know from my experience with clients. Some reasons I can think of for a young person to consider the purchase of life insurance sooner rather than later are: 1. Generally speaking, the younger you are, the lower your life insurance premium will be. 2. It is difficult to obtain life insurance coverage after you have been diagnosed with a serious health condition. Obtaining a policy when you are healthy allows you to lock in coverage at a reasonable price. 3. Permanent life insurance with a cash value component can provide a forced savings plan which can be borrowed against at a future date for emergency or other needs. 4. Many policies obtained through an employer are not ‘portable’ and therefore if you leave a job with benefits, you might lose the employer provided life insurance. For these reasons (and others I might not have considered), it may be reasonable for a young person to consider the purchase of a life insurance policy If you have any questions or would like more information please contact Steve Shane at:email@example.com | 301.575.0313.
ABOUT STEVE SHANE
Steve Shane provides strategic counseling to clients in need of estate administration, charitable giving and business continuity planning while minimizing estate, gift, and generation-skipping transfer tax exposure. He offers legal guidance to clients on asset protection and the proper disposition of assets in accordance with the client’s objectives, while employing tax planning techniques such as the use of irrevocable trusts, life insurance planning, lifetime gifts and charitable trust. He is also experienced with drafting documents for business planning, the incorporation and application for exemption for Private Foundations and the administration of decedents’ estates. You can also connect with Offit Kurman via Facebook, Twitter, Google+, YouTube, and LinkedIn. WASHINGTON | BALTIMORE | FREDERICK | PHILADELPHIA | WILMINGTON | VIRGINIA | NEW YORK