Updated: Jul 5, 2021
Learn the difference between Whole and Term life insurance, what cash value accumulation is and more to set your family up for success
Buckle up, you're in for a long ride! Marriage is a beautiful thing, but that's not the “long ride” we’re talking about here - we’re talking about your earning years.
The average age people get married these days is 32 years old compared to the average age of retirement at 63-65. So with more than half of Americans working past 65 years old that means you have 30+ years of earning after marriage that you need to protect in the case of a loss of an earner in your family.
One of the best ways to protect from income loss is with life insurance products. There are two products that lead the way and those are whole life and term life insurance.
Whole Life Insurance very simply explained is life insurance for your whole life. As long as premiums are paid your policy will remain in effect. Whole life also has the feature of “cash value accumulation” which can be borrowed against anytime, which is a great tool for newlyweds who will be making larger purchases down the road (House, Car, College funds etc).
Term Life Insurance simply explained is life insurance that has a term limit, typically 10-30 years. If term life insurance is purchased around the time you get married it will be affordable, convenient and last right to your retirement age so while you are still in the earning phase of your life your family will be protected financially in the case of a loss.
As you enter into a new chapter of your life purchasing life insurance is a great way to have financial “peace of mind” that if an unexpected loss were to occur, your family will be protected and remain financially stable.
To get started on your policy and receive an estimate in minutes start here. For any of your insurance questions reach out to Christopher Steven at Ethos Life or reach out to WhatsupFairfield: https://agents.ethoslife.com/invite/d809