Helpful information for Oklahomans from wheat fields to city streets.
02/08/2024
Life insurance is a crucial tool that provides a safety net for your loved ones in case something were to ever happen to you. However, deciding when to get coverage can be unclear. In this blog, we’ll explore four key milestones in life when obtaining life insurance becomes particularly important.
Contrary to popular belief, life insurance is not just for families. Even if you’re single, having coverage can be a smart financial move. Why? Because it ensures that your debts, such as student loans or credit card balances, don’t become a burden on your family if something were to happen to you. Additionally, obtaining coverage while you’re young and healthy can result in more affordable premiums.
Marriage is a significant life event that often marks the beginning of shared financial responsibilities. When you tie the knot, it’s essential to reassess your financial plans. Life insurance can also provide financial support to your spouse in case of your passing, helping them cover shared debts, funeral expenses or mortgage payments.
One of the most critical times to consider life insurance is when you become a parent. Your children depend on you for financial support, and having coverage ensures that they are taken care of even if you’re no longer there to provide for them. For example, it can be used to cover education expenses, childcare costs and other financial needs your family may face.
While there is not typically a specific age limit for a policy, securing coverage can become more challenging and expensive as you age. Insurance companies consider factors such as health conditions and life expectancy when determining premiums. By getting life insurance before you turn 75, you may have more options and better rates. Waiting too long could result in limited choices and higher costs.
Life insurance is a valuable financial tool that evolves with the different milestones in your journey. By being proactive and addressing this important aspect of financial planning, you can provide peace of mind for yourself and financial security for your loved ones. So, when should you get life insurance? As soon as you are able.
Whether you’re a longtime policyholder or just starting to look for insurance options, we’re here to help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs.
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The information on this website is not a contract, as it is provided for general information to explain potential types of insurance coverages. Further, descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. Please read actual policy documents for important details on coverages, exclusions, limits, conditions, and terms. If there is any conflict between the summary and/or information on this website versus the policy documents, the policy documents shall control. Please contact an Oklahoma Farm Bureau Mutual Insurance Company (OFBMIC) Agent to learn more about insurance coverages offered by and through OFBMIC.
Life insurance and annuity products are offered through Farm Bureau Life Insurance Company/West Des Moines, IA and are intended for residents of AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI and WY.
