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Life Insurance

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Life Insurance

Do you know the best age to buy life insurance?

If you aren’t sure, that’s actually the right answer because HUB International believes having life insurance at almost any age is a great idea. It is important to properly plan for whatever the future may bring at each stage of life, whether you are single, a young professional, a couple fresh off your honeymoon, or an established member of the community with a family, home, and other assets.

If you are a young adult and single, getting life insurance may not seem like a priority, especially if you don’t have people who rely on you and your income. However, there are actually many good reasons you may want to consider securing a life insurance policy now, rather than waiting until you are older or have dependents. In fact, the insurance professionals at HUB International recommend that you lock in your insurability today while you are young and in good health as your life insurance rates will never be more affordable.

Also, while you’re talking to your HUB International professional about life insurance, it would be a good time to understand whether an Individual Disability Income (IDI) insurance policy would be right for you. This type of insurance supplements your income should you suffer an injury or an unexpected illness that leaves you unable to work. Having an IDI in place lets you focus on your recovery instead of your finances.

If you are a newlywed, you’re likely on cloud nine and not thinking about much else than the love of your life. But, even if you haven’t had serious conversations about things like having kids or how to secure your financial future, HUB International highly recommends your first big decision together be choosing individual life insurance policies. Discussing this coverage with your insurance specialist as soon as possible would be a smart decision for many reasons, but the most important one is that you now have a partner who shares your life, your assets, and your debts. It’s also advantageous to get started sooner than later on creating a financial safety net; the younger you are when you start this process, the more affordable life insurance will be. Term Life Insurance is relatively inexpensive and probably more feasible for you at this stage. You only need about an extra $30 a month to secure this important coverage. Term Life is unique because it has a fixed rate for the “term” or length of the policy. The fact that you are young and healthy will not only keep your premium low, but will enable you to buy a lot more coverage now than a few years down the road when you have other priorities and expenses. You can rely on the team at HUB International to help you and your partner identify the amount of individual coverage needed for potential remaining debts and to replace lost income should anything happen to one of you.

A photo of a mother carrying her child on her back, content knowing they are protected with life insuranceIf you’ve become proud parents, you now have a new priority in life – looking out for what’s best for your children. While there will be lots of opportunities for you to hem and haw over what is the right choice for your kids, there is one decision that is easy to make – you should have a life insurance policy. Having this coverage in place is one of the most important ways for you to ensure that your kids have financial security should anything ever happen to you. When you work with the insurance specialists at HUB International to select the proper level of coverage and the type of policy that is best for you, our team will take into consideration a broad range of factors including the future cost of raising and providing education for your child, the needs of a stay-at-home parent, and funeral costs and other final expenses. You may want to consider a form of permanent life insurance at this stage of your life, whether it’s Whole Life or Universal Life. Both will provide coverage for life, but universal life policies are known for being more flexible in terms of changing premiums and face value throughout the policy. At HUB International, we believe that a well-thought-out and carefully crafted life insurance policy is the cornerstone of sound financial planning.

If you are an empty nester, we know your parenting has been an amazing journey that has left you with many, many good memories. But, we also bet you’re excited for this new stage of your life! However, even though your kids are all grown up, there are still several reasons you will want to maintain a life insurance policy. If you’ve had a permanent life insurance policy, it may have accumulated a cash value. This can be withdrawn or borrowed against tax free up to the premium that you have paid. It’s kind of like having an extra savings account, which can come in handy should any of your kids still need a little financial assistance finishing their education or with living expenses. If you do borrow against your own policy, it doesn’t affect your credit score, but you will have to pay back the loan. It’s also likely that you are not completely done with your caretaker role and may have older parents or others who depend on you for financial support. With life insurance, this support can continue should anything happen to you. Most important, a life insurance policy will be there to help a surviving spouse offset lost income from retirement or social security and pay for any unplanned expenses. Now that you have an empty nest and probably more free time on your hands, today is a perfect time to contact HUB International to discuss if Long-Term Care (LTC) Insurance may be a good choice for you. LTC insurance is specifically designed to pay for professional care in a nursing home, assisted living facility, or your own home, all which can be very expensive.

If you are retired, HUB International understands how hard you’ve worked and how long you’ve waited for this day to come! If your kids are self-sufficient and your mortgage and other debts are paid off, you may be thinking it’s time to cut down on some monthly expenses, like your life insurance premium. It is important to know that if you do cancel your policy, you may never be able to recover the same policy at your old rate again, so it is a decision you will want to make with the help of a knowledgeable professional. If your situation still requires that you maintain your life insurance policy, then our team will ensure that you are not over-insured and that your premium costs are minimized. Along with discussing your life insurance options, your HUB International agent will make sure that you have a good plan for long-term care as you age. Long-Term Care Insurance pays for many items that are not generally covered by health insurance, Medicare, or Medicaid and can be an enormous financial help if either you or your spouse require daily assistance, supervision, or care at a nursing home.

As one of the area’s largest, privately owned, independent insurance agencies, HUB International can ensure that you get the optimal life insurance coverage at the most competitive rates to meet your needs at any stage of life and as these requirements change over time. We welcome you to stop into either of our two convenient Massachusetts offices or contact us anytime with questions, to review your current life insurance policies, or for help making an informed decision about securing a bright financial future for you and your family.

If you’re ready for a more personal relationship with a trusted insurance agent, and expert advice on life insurance, call us today at 833-GoCallHUB.

HUB’s partnerships with more than 50 of the top national insurance carriers allows us to offer clients like you a variety of life insurance policy options to fit your specific needs, including:

  • Term Life Insurance, which provides coverage for a specific period of time
  • Whole Life Insurance, which extends protection over your entire lifetime and has consistent premiums
  • Universal Life Insurance, which is a flexible permanent life insurance that is invested to provide a cash value buildup
  • Individual Disability Income Insurance, which supplements your income should you suffer a debilitating illness or injury even if it was not related to your job
  • Long-Term Care Insurance, which pays for care needed in your home, at a nursing home, an assisted living facility or adult day care because of a chronic medical condition, disability, or disorder

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