Oftentimes insurance agents find themselves only targeting certain age groups for the majority of their policies. ?Life insurance? generally implies retirement and/or passing away. Let SilverSide help bring a fresh, new market to your attention! Newlyweds and young families actually need just as much life insurance as the elderly (if not more) to protect their young children and spouses. Here are a few general types of life insurance for new families, to which you should direct your young clients? attention.
Term Life Insurance for New Families
Term life is the most inexpensive policy to take out for a certain period of time. We recommend that new families or young families with kids check out the 20 to 30 year term life insurance policies to protect their children at any age. This type of life insurance may be useful for families paying off a mortgage because term life insurance for new families is generally less expensive than permanent life insurance for younger people.
Whole Life Insurance for New Families
Whole life provides very stable security with guaranteed annual dividends and tax-deferrability. It is often referred to as a hybrid product, a combination of an investment and savings folder and life insurance. We recommend it for families who don?t mind paying more up front in terms of premiums, in order to receive steady, oftentimes fixed benefits over the years.
Universal Life Insurance for New Families
Universal life is a type of whole life insurance. It is basic and easy to understand because the client pays a premium towards a death benefit and towards a savings/investment portfolio. The premiums are often much more than term life insurance, but they are flexible. We usually recommend term life over universal life insurance for new families so that they can plan for coverage through their children?s college years without worrying about affording their premiums.
Life insurance agents should consider selling these life insurance policies because of their affordability, reliability, and flexibility. New families never want to think about accidents and tragedy, but we must take care of our client?s health and future well-being by keeping them informed of their policy options! Remind your clients that they are completely in control of the policies they choose. Many policies can be customly combined for each client?s situation. Give SilverSide a call with any questions or recommendations! 480.400.7171