AYN Advice

How often do I need to buy more life insurance?

Why does the average person buy protection approximately 7 times in their lives?

Unlike a good bottle of wine that gets better with age an insurance policy gets less attractive with age because the premiums are more costly as you get older. If you are young, single and working, it is the perfect time to buy your first Insurance policy because you’ll be taking advantage of both good health and less expensive premiums.

When you meet Mr. or Mrs. right and decide to either get married or live together than you can build on that first block of protection that you bought when you were single thus saving over all. Remember you are simply upgrading your original wisely purchased plan thus saving money due to the fact that a portion of your coverage is based on a younger age. This works out to be cheaper than buying it all as an older and newly married person.

Here come the diapers! Well, not only do you have a spouse to think about but a little mouth that depends on you financially to feed him or her. Time to increase that policy with another up grade so that if you pass away there is enough to raise Jr. or little pinky during those expensive years.

The boss calls you into his office ‘‘Joseph you’ve done a great job and I’m promoting you to management’‘. Get out that policy and upgrade it again because now you’re making more money and your family’s standard of living has just increased. I think you get the picture.

Throughout your lifetime you and your spouse’s needs change and this is why insurance should be bought as a journey, evolving with your needs.