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Young families often have different needs for life insurance. Families with one breadwinner may need coverage to offset lost income, while stay-at-home parents can use a policy to cover household expenses.
Families can also use life insurance to cover debt, save for future education expenses, and pay for funeral costs. To decide how much coverage you need, consider your current financial responsibilities and your family’s goals for the future.
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1. Term vs. Whole Life
Term and whole life insurance both provide death benefits to your beneficiaries, but each type offers different features. Term life policies have lower premiums and coverage lengths, while whole life insurance has consistent premiums and a cash value savings component that builds in value over time.
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Choosing the right policy for your family depends on your personal preferences and budget considerations. Young families often have significant financial responsibilities, such as raising children and paying a mortgage. Term life insurance can help cover these obligations in the event of your death, but you may choose to switch to whole life coverage later if your budget allows. A number of whole life policies also offer dividends that grow your cash value at a guaranteed rate. However, borrowing against or withdrawing from this cash value can reduce your death benefit and cash value savings.
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2. Age
Age is an important factor for a variety of reasons. It influences an individual's legal rights and responsibilities, as well as their eligibility for certain activities, services, or jobs. It also helps businesses understand their target audiences in order to tailor products, services, or marketing strategies accordingly.
Young families should consider life insurance as early as possible, especially since the process is typically faster when you're younger. This is because premiums are usually less expensive, and you can lock in a rate for your entire life.
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Family term life insurance is a popular option for many young families, as it offers coverage during the years when your family's financial needs are most critical. The death benefit can help to cover living expenses, debts like your mortgage, and future goals like your kids' education.1
3. Health
When choosing a policy, the state of your health plays a critical role. In most cases, a medical exam will be required to assess your physical condition and determine eligibility for coverage. The exam may include EKG, chest X-rays, or a treadmill test. The insurance company will review your results and order medical records from your doctor to learn more about any conditions or treatment you’ve received. Some companies offer no-exam life insurance policies, but these typically come with lower face values and cost more.
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