Your life is an asset, just like a car, a home, or a business. When you lose it, you may like to be compensated for its value without having to trade in other assets.
The mortality rate in this country has not changed. It remains at 100%. The question is, what is the length of your life?
This means that the only time you have a chance at buying the family lifestyle or business protection insurance is today.
If you want to protect the ones you love, you buy the insurance before you need it, otherwise it is too late. House, car and farm insurance works this way as well.
Another reality about life insurance; whatever amount you buy, you’ll be wrong. For example: If you plan to buy what you need if you die today and you don’t die for 20 years, you may have too little. If you buy what you’ll need to protect your expanded lifestyle 20 years from now, and you die tomorrow, you may have too much.
The question you have to answer is; do you want to be wrong about your insurance to your family’s benefit or to their detriment? Also, you will want to review your insurance program whenever you experience a major life change. For example; marriage, mortgage, children.
Once you know the whole story, you can adjust the purchase based on your comfort, plan and budget.
Be sure to seek advice and purchase insurance from those who understand your business!