Posted by Before adulthood: 0 to 18 years old (21 years old)
For life insurance products, the younger the insured, the lower the premium paid.As soon as the child is born, from the perspective of investment, this time has the lowest premium cost and the best time cost. From the perspective of protection, the child is guaranteed as soon as it is born.Therefore, when economic conditions permit, the sooner you buy, the better for your parents.
At the age of 0-7, because the child's resistance is not strong, or some diseases are discovered the day after tomorrow, some insurance types for comprehensive protection can be considered.At the same time, able parents can consider planning their children’s education fund plan as early as possible at this stage, or use their children’s insurance advantages to uselife insuranceProducts for financial management.
At 8-18 years old (21 years old in some states), it is the adolescent stage of the child.During this age group, if it is to pay for college tuition and purchase a cash value insurance policy for the purpose of education funds, because the child is about to go to college, there is not enough time for the cash value to increase.
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But if it is a long-term plan, the advantages of young children, low premiums, and long growth time still exist. You can choose savings and dividend insurance or universal life insurance that is more flexible in consideration of payment and withdrawal.
Young people, single stage: 22 to 35 years old
Since young people have just entered the workplace and have just begun to build their own business, at this stage, their income is not high and they like to consume.So the need for insurance is usually hopeConsumption insurance with low premium and high sum insured.The main insurance category in this category isTerm life insuranceAnd all kinds of accident insurance.
Young people are generally healthy and the probability of illness is relatively small. However, young people like to travel and engage in high-risk sports. Therefore, the purpose of insurance should be to protect themselves.In the event of an accident, full compensation can be obtained to cover the cost of treatment and overcome difficulties.
If young people’s income at this stage is very high, after planning the down payment and emergency reserve funds for the purchase of a house, they can consider spending a portion of the money in advance to purchase wealth management life insurance for the purpose of supplementing their retirement plans.
Two-person world 28 to 35 years old
When you enter a marriage and start a family, your disposable income will increase overall.At the same time, due to the responsibilities of each other in the family, life insurance is usually adopted between husband and wife to protect the family.
In the American Life Insurance GuideQuick calculation of insured amountHere we mentioned that the total amount of family insurance should be 10 times the family’s annual income.
At this stage, both spouses can chooseHigher quotaWhole life insurance, Such as savings-type whole life insurance,Index whole life insuranceProducts, etc.At the same time, couples at this stage begin to consider their children’s future education fund plans and their own retirement plans. At this time, the purchase of insurance products must be targeted.
If the budget is relatively limited, priority will be given to protecting those who contribute more to the family income.
Older and younger, 35 to 50 years old
This period of time may be the hardest "sandwich" era of life, where there are old people at the top and young people at the bottom.
At this stage, the occupation of the family has just entered a rising period, the child has just been born, and may have just moved into a new house bought with a loan. At this time, it is necessary to insure the members of the family's main source of income.The hybrid plan of term life insurance and whole life insurance can meet the protection needs of families with limited budgets. Other family members can obtain additional protection through additional clauses.
In the event of a child's accident, the impact on the family's financial situation is not as strong as when the parents had an accident.If the funds are limited, the insurance for the child is not enough.
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What needs to be emphasized again is that the scientific insurance order of a family,Is the parent first, then the child, Give priority to protecting the family’s economic pillars.
Peak income into pension: 50 to 62 years old
Entering this age group, career and income have reached their peak, and the burden of raising children and supporting the elderly that was originally on the body is gradually removed, and the day of retirement is getting closer and closer.Insurance planning at this stage focuses on considering retirement planning and taxation of post-retirement income.
Due to inflation and the development of the social system, old-age pensions can no longer be completely dependent on social security pensions, so it is necessary to make plans for old-age retirement and retirement for oneself.Therefore, if the insurance protection and retirement planning continued in the previous several ages are relatively sufficient, at this time the purchase of insurance financial management should gradually transition to a stable financial management product.
Another focus of insurance planning at this stage is taxation issues.Because insurance compensation is left to your children without income tax, if you, as an elder, have a large inheritance, planning a large insurance policy at this stage can effectively help your children cope with the inheritance tax they face when receiving the inheritance.
Final Thoughts
The youngest, the more cost-effective it is to insure.However, as young people, it is difficult to fully understand the window of the lowest premium cost and excellent time conditions.life insuranceThe importance of this "long-distance race" in life.It is often the middle-aged people who gradually realize the help of life insurance products to life because of the crisis of family, pressure and career.Therefore, raising the awareness of insurance as soon as possible and buying the right insurance will prevent and solve most of the difficulties that you and your family may face in advance.
(American Life Insurance Guidenetwork)
