For most families, life insurance needs will change over time; more coverage is typically required when families are still young and establishing themselves, and then needs decrease as family finances mature.
However, most life insurance policies are designed to provide a level amount of coverage for the lifetime of the policy. As you get older, coverage becomes more and more expensive.
Term insurance is typically a great fit when needs are high and budgets tend to be more constrained, but when clients are trying to provide for final expenses or plan a legacy gift, term insurance is no longer a great fit due to cost later in life.
But term and permanent insurance strategies are not mutually exclusive. By adding a small amount of permanent insurance earlier in life, you can align your coverage to reducing needs, secure a lower cost for permanent insurance over time, and perhaps be able to reduce the premium payment period through a premium vacation or limited pay option.
Talk to us today about whether permanent insurance is the right fit for you.