Most young people never consider the benefits of life insurance. It can really pay off in those what if moments. When used appropriately, it can be useful even when the death benefit is not triggered. A Ridgewood insurance agency can provide many answers to questions you have about life insurance and beyond.

Don’t assume that life insurance is only for older people with children. If you start a policy young, your premiums might be fairly low. This means the benefits may be equally as large but at a lower rate.

If you have large debt obligations or a mortgage that you don’t want to be passed on to someone else in the event to of a catastrophic accident, it might be worth investing. Even young people sometimes have dependents that could be left high and dry if they were to die unexpectedly. There are also other reasons to purchase a policy beyond the death benefit. Some policies may provide support for certain medical emergencies (i.e. cancer or paralysis).

There are two categories of life insurance: term and whole life. Term life insurance is designed to cover a specific set of events over a defined time period. A beneficiary is named and in the event that the insured dies or is critically injured, the beneficiary will the associate coverage amount. Whole life insurance lasts the duration of the insured’s life.

Life insurance isn’t just for older individuals. Consider checking with a Ridgewood insurance agency for possible benefits.