MONEY MATTERS: When should you purchase life insurance?
COLUMBIA, S.C. (WIS) - When should you purchase life insurance?
Josh Bradley of Capital City Financial Partners says he typically advises people purchase life insurance when they have a need for it. Life insurance is primarily used to provide protection for beneficiaries if the insured passes away. There are a few factors to consider when deciding when the time is right for you like marital status or whether you have children.
Bradley also explains how life insurance has evolved and now has alternative uses beyond just providing death benefits to loved ones. Bradley says life insurance can provide living benefits. Some types of policies allow the insured to access portions of their death benefit early if faced with a chronic, critical, or terminal illness. Some types of life insurance can even accumulate cash value. This cash value can be accessed via policy loans that can help supplement retirement income with a tax-free stream of money.
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