For someone in their 30’s, term life insurance might be a good option. Term insurance is affordable, straightforward, and can be tailored to provide coverage during the years you need it most.
Let's say your kids will be finished with college in 12 years. In that case, a 15 year term policy could help ensure that your dependents wouldn’t be stuck with the costs of education without the help of your income in the event of your death. The death benefit of your term policy could be used to cover their education expenses, among other things.
What does a term policy cover?
In the example to the left, we mentioned a term policy could be used to cover education costs. Ultimately, it's up to the beneficiaries to decide how to use the payout. Here are some other things it could help cover:
Our Financial Legacy Index found that many Americans aren't taking the steps needed to protect their family's financial future. Here are some findings that further demonstrate the need for life insurance:
Life insurance is something that should absolutely be on your radar in your 30’s. The benefits of purchasing life insurance early in your life and locking in the best rate for yourself far outweigh the financial obligations. By getting life insurance in your 30’s, you can take an important step in the right direction towards solidifying the financial future for both you and your family.