If you know you want to start a family in the future, it's better to get life insurance sooner rather than later.

Experts generally recommend life insurance for anyone with dependents, like children or aging parents they support. Term policies (as opposed to whole-life policies) are fixed-rate policies that tend to be more affordable, and cover the policyholder for a set period of time — say, 30 years — before they expire.

There's no reason to wait to get coverage. Here's why you might want to consider doing it now rather than later, no matter how far down the road starting a family may seem.

The time you spend with your family is priceless, and you wouldn’t trade anything in the world for those special moments together. But what would happen if you suddenly died? Would the precious memories of your times together be enough to see your family through this difficult period?

It’s not pleasant to think about, but your death could potentially leave your family unable to meet existing financial obligations. Would they have the funds to pay bills, your home mortgage, burial and funeral expenses? Would they be able to live on one income and maintain their current lifestyle? What about medical expenses associated with a terminal illness? Would your family be financially prepared?

Life insurance can be a simple,easy way to help financially protect your loved ones. It offers you the opportunity to apply for the amount of life insurance coverage that meets your specific needs and the convenience of insurance premiums deducted directly from your paycheck.

1. Life insurance is cheaper when you're younger

You're not getting any younger, and that means life insurance isn't getting any cheaper.

The difference between what you could pay each month for coverage as you age is staggering. Eric Rosenberg writes for Business Insider that life insurance is three times cheaper at age 30 than at age 50, according to data from Quotacy. "A $100,000 term life insurance policy for a healthy 30-year-old male is just $12 per month, on average. At age 40, it goes up to $20 per month. At age 50, it's $36 per month," he writes. When you get your policy when you're younger, you lock in that rate, making it cheaper to get life insurance now than to wait.

2. Life insurance can come in handy before you have a family

new family isn't the only reason to get life insurance. It's can also be important to have if you have debt, or if you own your own business.

Debt doesn't go away if something happens to you — often, it will fall to your family. If you have a cosigner on your loan, it becomes their responsibility. Life insurance could help them cover that debt. And, for business owners, life insurance could help pay your employees and keep your business afloat if something happens to you.

3. It could help your spouse, even if you don't have children

4. If you're planning to be a stay-at-home parent,

Many policies offered through employers aren't portable, and you'll lose them if you decide to leave your job to stay at home or switch jobs.

If you or your partner are considering becoming a stay-at-home parent, or think that you'll switch jobs in the near future, you might as well sign up now so you don't have to worry about losing coverage.

5. It's one less thing to juggle when you have your hands full with a newborn

The last thing you'll want to do after bringing home your new baby is shop for life insurance. It's easy to get it out of the way now, and can help start your coverage (and peace of mind) sooner rather than later.

Spend an hour today gathering quotes, and take care of any necessary medical exams while you have the time. Then, you'll have coverage when the time comes, and you can focus on spending time where it matters.

What is life insurance, and how does it work?

• Life insurance is a very common asset that figures into many people's long-term financial planning. Purchasing a life insurance policy is a way to protect your loved ones, providing them with the financial support they may need after you die. For example, you may purchase life insurance to help your spouse cover mortgage payments or everyday bills or fund your children's college education.

• When purchasing life insurance, it's important to understand how it works and how your beneficiaries can receive the proceeds of your policy. This can help with choosing a payout option that works best for your estate planning goals.

• Life insurance is a contract between a policyholder and an insurance company that's designed to pay out a death benefit when the insured person passes away.

• A life insurance company should be contacted as soon as possible following the death of the insured to begin the claims and payout process.

• It's important to choose life insurance beneficiaries carefully to ensure that the right people are eligible to received proceeds from your policy. There are different ways a beneficiary may receive a life insurance payout, including lump-sum payments, installment payments, annuities, and retained asset accounts.

  Why Do I Need Life Insurance?

• No one wants to leave their family unprepared. That’s where life insurance comes in. Getting life insurance today can protect your family’s financial future.

Replace Lost Income

• Most people buy life insurance as a means to replace income lost if something happens to them. Providing money for your loved ones is important, and life insurance helps to do just that. The benefit of life insurance can help cover monthly bills, like rent or mortgage, and even help fund your child’s education.

Pay Off Debt

• Debt can be very burdensome to your family, especially without your income available to help repay it. Life insurance benefits can be used to pay off debt and help create more financial security for your family.

"The benefit of life insurance can help cover monthly bills, like rent or mortgage, and even help fund your child’s education."

Pay Final Expenses and Offer an Emergency Fund

• Final expenses can be very significant, especially if there are large medical bills, funeral or legal expenses to pay. An emergency fund can cover unexpected bills such as emergency repairs to your home or car. Life insurance benefits provide cash that can be used to help your family cope in a time of distress.

Help Pay for Your Children's Education

• Educating children can be expensive and often requires a long-term strategy. Many people plan to contribute funds each year until they have enough money saved to pay all or some of their children's education costs. Unfortunately, if something unexpectedly happens to you, there may not be enough time to set aside adequate funds for education. Life insurance benefits can help by creating a lump-sum of cash that you can count on to help pay part of your children's education costs.

Life insurance is a type of insurance contract. When you purchase a life insurance policy, you agree to pay premiums to keep your coverage intact. If you pass away, the life insurance company can pay out a death benefit to the person or persons you named as beneficiaries to the policy.

• Some life insurance policies can offer both death benefits and living benefits. A living benefit rider allows you to tap into your policy's death benefit while you're still alive. This type of rider can be beneficial in situations where you're terminally ill and need funds to pay for medical care.

• "Some life insurance companies have designed policies that allow their policyholders to draw against the face value of the policy in the event of a terminal, chronic or critical illness. These policies enable the policyholder to be the beneficiary of their own life insurance policy,"

What is a life insurance policy, and what are its key features?

A life insurance policy is an agreement between an insurance company and a person (or legal entity). Each life insurance policy is different, and each state’s laws regulating insurance policies are different. In general, most insurance policies identify the following:

• The insurer:

  Only certain companies can provide life insurance, and these companies are regulated by state insurance departments.

• The policyholder:

  The person or entity (such as a family trust or a business) which owns (or “holds”) the policy. The policy can insure the holder, or it can insure another person.

• The insured:

  The person whose life is insured.

• The death benefit:

  The amount the insurer will pay when the insured passes away.

• The beneficiaries:

  The people or entities that will receive the death benefit. It can all go to a single person (e.g., a surviving spouse) or it can be divided by percentage among many different people and entities (e.g., three children could each get 30% and 10% could go to a charity).

• The policy length:

  The time period that the insurer agrees to pay a death benefit. This can be a specific term (e.g., 10 or 20 years) or it can be permanent – a policy that lasts for the life of the insured for as long as premiums are paid.

• The premium:

  The monthly or yearly payments needed to keep the policy in effect.

• The cash value:

  Permanent life policies, like whole life insurance, have a cash value component that builds over time and can be cashed out or borrowed against. A term policy has no cash value.

What are the different kinds of life insurance policies and how do they work?

There are two basic types of life insurance: Term and permanent life insurance.

A term life insurance policy

provides coverage for a specific period of time, typically between 10 and 30 years. It is sometimes called “pure life insurance” because unlike the permanent policy or whole life insurance, there’s no cash value component to the policy – once the term is over, there’s nothing left.

Permanent life insurance

provides coverage that lasts your entire life. Unlike term, it’s not a “pure life insurance” product because it includes a component which helps make coverage last while the insured is alive and premiums are paid, and while providing other financial benefits. A portion of your premium dollars are invested, and your cash value grows tax-deferredover time – but the entire death benefit is immediately payable from the first day you have the policy. The cash value on the other hand, may take some years to build up to a significant amount.

There are two main types of permanent insurance: whole and universal life. is simpler – the premium remains the same for life, the death benefit is guaranteed, and the cash value grows at a guaranteed rate can be less expensive, but the premiums, death benefit, and cash value growth rate can vary, making the policy more complex.

What benefits do people get from life insurance at different stages in life? 

Life insurance can be a powerful tool for protecting your financial confidence – and especially the financial confidence of the people who depend on you – so most adults should consider it. However, before you get a policy you should ask yourself: what type of financial protection do you need at this point in your life?

What is Whole life insurance?

Whole life insurance is the simplest form of permanent life insurance coverage and a lasting financial asset. It can be one of the best options for people who want lifelong protection, wealth-building cash value, and the most guarantees available in a life insurance policy.

But is it right for you? Universal life insurance also provides permanent coverage with the added advantage of flexible premiums – but that flexibility can affect cash value growth and your death benefit. Term life insurance is typically much less expensive, but it has no cash value, and coverage is temporary.

Why people choose whole life insurance:

Lifetime protection

From the first day the policy is in effect, it provides an income tax-free death benefit to help protect your family's financial wellbeing.4 But unlike a term policy, your coverage lasts a lifetime – it can't be canceled as long as premiums are paid.

Cash value

Like all permanent policies (and unlike term life), there's a cash value that grows over time and earns interest. You can take out policy loans against it, use it to pay premiums, or even use your policy for money to supplement income in retirement.

Dividends

With a mutual company, the cash value of a whole life policy can earn dividends – because policyholders may receive a share of profits. These can increase a policy's value beyond the growth rate guarantee.

Guarantees

The income tax-free death benefit is guaranteed never to decrease. The cash value is guaranteed to grow at a set annual rate. Your monthly or yearly premiums are guaranteed never to change.

Tax advantages

The policy's cash value grows on a tax-deferred basis, so no taxes are owed on current earnings or interest. Also, the benefit is paid income-tax-free to beneficiaries.

Checklist: Is whole life insurance right for me?

TWhat I want:	TWhat I should get:
I want life-long protection	Whole or universal life
I want to build tax-advantaged cash value	Whole or universal life
I want access to policy cash while I'm alive	Whole or universal life
I want guaranteed cash value growth	Whole life insurance
I want the opportunity to earn added dividends	Whole life insurance
I want the flexibility to raise or lower my premiums	Universal life insurance
I want the lowest-cost permanent coverage	Universal life insurance
I want a guaranteed death benefit	Whole or term life
I want guaranteed level premiums	Whole or term life
I want the biggest benefit per premium dollar	Term life insurance

You can also buy a term policy to supplement your whole life coverage.

Whai is Universal life insurance

Universal life insurance (UL) is one of the two main types of permanent life insurance (the other is whole life insurance).

ike whole life, a universal policy can provide lifetime protection while building cash value with tax advantages.1 UL also gives you the flexibility to raise or lower premiums within certain limits, so it can cost less than whole coverage.

But it also offers fewer guarantees than whole life because if you make minimal premium payments for too long, it can impact cash value growth and the size of your death benefit.

Why people choose universal life insurance:

Lifetime protection

• From the first day the policy is in effect, UL can provide an income tax-free death benefit to help protect your family’s financial wellbeing.And as long as you keep a positive cash value amount, your coverage can’t be canceled.

Cash value

• Like all permanent life insurance, it has a built-in cash value that grows over time and earns interest.5 You can take out policy loans against the cash value, use it to pay your premiums, or even use your coverage for cash to supplement your income in retirement.

Flexible premiums

• UL lets you raise or lower your payments within certain limits as your circumstances change. While you may eventually have to pay higher premiums to keep your coverage, that flexibility can make it easier to keep your insurance policy in force if your earnings vary.

Tax advantages

• The policy’s cash value grows on a tax-deferred basis, so no taxes are owed on current earnings or interest. Also, the death benefit is paid income-tax-free to beneficiaries.

The flexibility and freedom of universal life also mean that there are fewer guarantees

In a whole life policy, the premiums, cash value growth, and death benefit are guaranteed not to change. With UL, all those things are designed to be flexible.

However, the amount of premiums you pay affects cash value growth. And as you use funds from the cash value, it will affect the amount your family receives when you’re gone. It could even cause the policy to lapse, so you should stay in contact with your financial professional to help make sure your policy continues to meet your needs.

At Angel Family Insurance we are committed to helping you find the right insurance coverage at the best price. We are an independent insurance broker with options for you.

Our experienced, local insurance agents, take the time to assess your individual needs and develop a policy that fits your budget.

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