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For many, summer means sunshine, beaches, and travel. But summer isn’t just a great time to relax and enjoy the outdoors — it can also be the perfect time to consider buying a life insurance policy.
While any time of year is a good time to consider life insurance, this article will cover a few benefits of looking for a life insurance policy in the summer. Then, it’ll cover a few types of policies to consider, such as final expense insurance, term life insurance, and whole life insurance.
The warm months can be a great time for potential policyholders to get a life insurance policy. Here are a few reasons to look for a policy this summer:
1. Coverage for policyholders with children in college
College tuition can be expensive. A life insurance policy can help pay for the child’s education and living expenses if the policyholder passes away. For parents of children heading off to college in the fall, the summer break can be a great time to plan and look for a life insurance policy.
2. Coverage while on vacation
Riskier things can happen on vacation. If the worst happens, the right life insurance policy can help the policyholder provide funds to loved ones to replace their income and take care of other debts and expenses.
3. Extra time for research
Some jobs have the summer off or reduced hours. This can give a lot of people more time to research life insurance to understand their needs, then shop around for multiple quotes to lock in the best rates.
Policyholders looking at life insurance this summer might want to consider the following types of policies:
Final expense insurance
Final expense insurance is a small whole life insurance policy designed to cover end-of-life costs, like medical bills and funeral expenses. The death benefit is often smaller than a typical life insurance policy, but premiums are lower, and there’s no medical exam. Additionally, these policies come with a cash value component that grows over time. This can be a good option for policyholders whose beneficiaries will need help with end-of-life expenses.
Term life insurance
Term life insurance offers coverage for a fixed period of 10 to 30 years, depending on the policyholder’s choice. If the policyholder passes away while the policy is in force, their loved ones receive a significant death benefit to replace their income and help eliminate debts. Term life insurance premiums are cheaper because the policyholder risks outliving the policy.
Whole life insurance
Whole life insurance policies are a form of permanent life insurance. They’re more expensive than term policies, but the policyholder is covered for their entire life if they keep up on premiums.
Additionally, part of each premium goes into a cash value growth component, which grows tax-deferred at a fixed interest rate. When the cash value is large enough, policyholders can borrow from it at a low rate, withdraw from it, or receive all of it (minus surrender charges) if they surrender the policy.
Summer can be the perfect time for many to look for life insurance since many people have more time to research policies and shop around for the best quotes. It can provide peace of mind when traveling during the summer months and help parents of college students cover their kids when they’re at school later on.
Whether a policyholder picks whole life, term life, or final expense insurance, knocking out the life insurance search during the summer can provide security and peace of mind for policyholders into the fall and beyond.
