How Much Does Tax Take Out Of 18 Year Olds Are You Old Enough For Life Insurance?

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Are You Old Enough For Life Insurance?

Life insurance is basically a way to secure the future of one’s family. Parents would often take out insurance for their lives knowing that when they suddenly die, they will leave behind sufficient funds for their loved ones, especially their children, to get through their own lives. Thus, availing for such insurance may sound a good option for family persons.

But, who can get life insurance? It is a most accepted principle in insurance industry that any person who at the age of eighteen can avail life cover, in any country, provided that he is not a public enemy. However, this does not mean that eighteen is the best age to get such insurance. Not just because one is eighteen, he should have his life insured. What if these 18 year old do not have a family? Who will be his beneficiary? He would end up wasting his money paying for the premium when there is no one from his side that will benefit from it.

It should be noted that life insurance is expensive. Thus, one should think through before availing of the same, especially that under normal circumstances, the person who takes out insurance for himself will not benefit from the same. He will designate beneficiaries and they will be the ones who will receive the proceeds or payout. Hence, the best age for someone to get his life insured should not be based on the numerical age. It should be based on the age of maturity and status.

If a person is already married, has children and is working in a very dangerous workplace, then it is the best time to get life insurance. If the person is exposed to peril every day in the work place, it is best that he arms his family’s future with life cover. In fact, even if the work place is not dangerous, the moment a person married and started his family, he should already insure his life. So that when he dies due to an accident, his family will have sufficient amount to compensate for their loss.

It is also time to secure life insurance when the person is acquiring great salary or while his business is earning sufficiently. This is because, the higher premiums a person can pay means a higher payout or proceeds for his beneficiaries. So, if he paid off all the high premiums, regardless whether he lost his job or his business becomes bankrupt, his family or beneficiary will still have that big lump sum in stored for them.

It is also a right age for the person to avail life cover over his life if he definitely wants to have a family of his own someday. If a person is already earning sufficient amount and premium for a life insurance is within his budget, he should avail the same. He just has to make sure that the beneficiary he designates is revocable. That way, when he already has a family of his own, he can revoke the designated beneficiary and subrogate it with his own wife or children.

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