This article provides tips that will benefit new families regarding life insurance.
Malden Solutions understands that selecting life insurance can be overwhelming. This is why we offer individual life insurance to your employees as a full-service insurance broker who will assist them in making the right choice for their family members. Becoming a new parent is an incredible milestone; parents will do anything to protect their children. We can help give you the tools so you can provide financial security to your family and help them prepare for the unexpected parts of life. This article provides tips that will benefit new families regarding life insurance.
Procrastination Can be a Problem
The earlier you receive life insurance, the better. Age is a significant factor regarding life insurance costs. The younger you are, the more likely you are to take advantage of a lower rate. This insurance may also help balance financial stressors. Even if you don’t have a family, having a plan at a young age is critical to help save money and prepare for the unexpected.
Explore Your Options
Whole life insurance is permanently secure for your entire life. Premiums don’t change even when your health conditions change. Universal insurance remains set for the entirety of your life, but you can change your premiums as life circumstances change. Even though these plan types cost more, they last longer, and you can dip into them for an entire lifetime. You may also convert term insurance to whole life insurance as circumstances change in your life.
On the other hand, term insurance is less expensive and only set for a specific amount of time. The premium remains set in stone for that period. It’s an ideal option for young parents who want affordable coverage that can help pay off loans, mortgages, or other debts if the unexpected were to happen.
Consider Having More Coverage
Attempting to get through life without your spouse can be challenging mentally and financially, particularly when there are children involved. However, having more than enough coverage can help the surviving spouse maintain the mortgage and help with expenses such as college. Life insurance may also assist children with finances if something happens to both parents, so make sure to name primary or secondary beneficiaries when selecting a life insurance plan.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin