Why You Should Get Life Insurance in 2023
December 22, 2022
It's time to think about getting life insurance in 2023, and there are many places to start with various options to consider. With the new year approaching, it is a perfect time to consider getting a life insurance policy. Consider this critical decision in the context of other resolutions that you are making.
How to Get Life Insurance in 2023
Having coverage can help you exercise good financial management and achieve your long-term goals.
Applying for Life Insurance Now Can Make It More Affordable
Individuals' age and health are the most significant factors insurers consider in deciding whether to approve an application and what premiums to charge. By applying for life insurance as soon as possible, you will have a better chance of getting an affordable plan. Waiting until much later in life to apply could prevent you from accessing coverage or entail paying a lot more for it.
Timing Your Purchase Strategically Gets You the Best Value
If you are interested in permanent coverage, making your purchase in 2023 can maximize the value of this investment. Whole life policies' payouts appreciate over time. The earlier you receive coverage, the more valuable it will grow over time.
Coverage Could Make You Better Equipped To Handle a Recession
Many financial experts have forecasted a recession in 2023, and market volatility has already begun to reflect these fears. As many families struggle to meet expenses, allocating some of their income toward an emergency savings account may be difficult. Families may also need to begin utilizing their existing emergency funds.
In these precarious economic conditions, having contingencies in place can be crucial. If the family members depending on you suddenly lose your support, ongoing payments to creditors and household expenses could prove to be impossible.
Remember that your family may not have ready access to your current assets. Even with a valid will, the probate process can take months. A life insurance policy does not necessarily have to go through probate when the insurer pays it directly to beneficiaries. However, there are some situations in which policy proceeds may become part of your estate.
Life Insurance Safeguards Your Family and Gives You Invaluable Peace of Mind
The biggest reason 2023 should be the year you get life insurance is that time is of the essence. Waiting too long to get a policy could result in insurmountable financial hardship. Unlike other difficult situations in which procrastination has played a significant role, there is simply no way to correct it later.
Putting off a life insurance policy means having a huge risk hanging over you. Ending procrastination and taking care of it now will be a load off your mind.
You cannot control or solve all of your worries about your finances and your family's well-being, but you have control over this. Anything you can do to plan for your family's financial future with less stress and uncertainty is worth pursuing.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.