New Jersey resident Robert Gill is a longtime financial advisor who heads Epic Wealth Management, where he emphasizes a bespoke approach to client service. Robert Gill has extensive experience working with Epic Wealth Management clients in selecting life insurance policies that match their needs.
A recent CNBC article highlighted several reasons why it makes sense to purchase insurance at a relatively young age, such as in one’s 20s and 30s. With many millennials facing large student loan payments, home and life insurance purchases are often delayed. But the existence of this debt actually makes life insurance important, as it can help to meet financial obligations that are not covered by one’s assets in the case of an untimely death.
While outstanding federal student loans are discharged at the time of death, this is not the case with private educational loans. This also holds true for any other type of unsecured loan, such as those taken to launch small businesses. Without insurance in place, a substantial debt burden could fall onto a relative who acted as a co-signer.
One strategy is to start with term life insurance to get maximum value for the least money. With term coverage typically lasts 20 to 30 years, the cost is more reasonable than many expect. According to one online calculator, an average healthy woman of 30 will pay $15 a month for a term life insurance policy that lasts 20 years and that has a $250,000 death benefit.
A recent CNBC article highlighted several reasons why it makes sense to purchase insurance at a relatively young age, such as in one’s 20s and 30s. With many millennials facing large student loan payments, home and life insurance purchases are often delayed. But the existence of this debt actually makes life insurance important, as it can help to meet financial obligations that are not covered by one’s assets in the case of an untimely death.
While outstanding federal student loans are discharged at the time of death, this is not the case with private educational loans. This also holds true for any other type of unsecured loan, such as those taken to launch small businesses. Without insurance in place, a substantial debt burden could fall onto a relative who acted as a co-signer.
One strategy is to start with term life insurance to get maximum value for the least money. With term coverage typically lasts 20 to 30 years, the cost is more reasonable than many expect. According to one online calculator, an average healthy woman of 30 will pay $15 a month for a term life insurance policy that lasts 20 years and that has a $250,000 death benefit.