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  • Why You’re Never Too Young For Life Insurance

    November 4, 2015 by USAAVoice Team, USAA

    You’re young, single and childless.

    Why in the world would you need life insurance?

    Kenny Sutton, director of Life Insurance Product Management at USAA, says he gets that question all the time, but for him, the answer is a no-brainer. Getting life insurance as soon as possible can help save money and increase flexibility in the long run.

    “We want to make sure young people take advantage of the benefits they can take control of,” he adds.

    PTR[2]-lifeinsurance3

    Here are two compelling reasons Sutton says it’s never too soon to think about life insurance:

    • Cost savings. It can pay to lock in the cost of life insurance premiums while you’re young, Sutton says. The premiums will only increase for individuals who wait to purchase a policy as they age and begin having more health problems. For example, a 20-year-old would pay an average of $12 a month for a $100,000 USAA level term policy, but someone who waits until age 40 to take out the same policy could pay as much as $50 a month, possibly more, Sutton adds.

    “Once you buy the policy, you have options,” Sutton says.

    You can always revisit coverage and increase it as your budget and circumstances change, Sutton says. Life events such as getting married and having children may influence how much coverage you need.

    • Increased flexibility. Fewer employers offer life insurance these days, so you may end up at a job where it’s not available. Knowing that your life insurance coverage is not linked to your employment provides peace of mind. Plus, having a personal life insurance policy is one less consideration you have to take into account if you change jobs during the course of your career.

    Military-focused policies such as the Military Protection Plus policy¹ from USAA Life Insurance Companies include additional flexibility for service members. Military Protection Plus includes the Military Future Insurability Rider, which provides a 240-day window to buy additional life insurance to replace the Servicemembers Group Life Insurance (SGLI) coverage that ends when the member leaves the military through separation or retirement. The rider offers the same opportunity when Family Servicemembers Group Life Insurance (FSGLI) ends due to separation, retirement, divorce or death.

    The USAAVoice Team is committed to providing information that helps to facilitate the financial security of the military community. The advice in our content is grounded in the principles of sound money management and covers a range of topics, including personal finance, retirement, investments, auto, home, life, health and other areas relevant to our business and the audience we serve.

    1 Military Protection Plus is level term life insurance. Initial life insurance coverage limited by rank and occupation. Level Term V: Coverage is level for the duration of the policy. Premiums remain level for the duration of the Initial Benefit Period, then increase annually while benefits remain the same. Form LLT49045ST 01-05 (may vary by state). In New York, New York Term Series V: form NLT45861NY 01-04. Military Severe Injury Benefit and option to increase coverage to replace SGLI provided by riders. Increases in coverage require payment of additional premium. Rider forms LBR57939ST 05-06 and LBR67140ST 05-07 and ICC1497953 03-14 (may vary by state). In New York, forms NBR60469NY 06-06 and NBR67175NY 06-07 and NBR60468NY 06-06. Availability of increased life insurance coverage depends on characterization of military separation. Call for details on specific policy costs, benefits, limitations and availability in your state.

    Views and opinions expressed by members are for informational purposes only and should not be deemed as an endorsement by USAA.

    Use of the term “member” or “membership” does not convey any eligibility rights for auto and property insurance products, or legal or ownership rights in USAA. Membership eligibility and product restrictions apply and are subject to change.

    Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.

    USAA means United Services Automobile Association and its affiliates.

    Originally Posted at Forbes on September 30, 2015 by USAAVoice Team, USAA.

    Categories: Industry Articles
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