PHP Agency is a life insurance provider in the United States. In the following article, PHP Agency reviews the three different stages of policy protections so that shoppers looking to purchase a policy or even swap their existing one for another with more financial security can remain well-informed.
When it comes to the subject of life insurance and protecting family members, there can be a lot to cover. Whether looking to update a policy or purchase one for the first time, it is incredibly beneficial for one to understand every stage of insurance benefits.
PHP Agency reviews that the stages of life insurance correspond with the stages of growth in a person’s life. According to Yahoo! Finances, the various types of life insurance have different benefits depending on the age of the potential policyholder. Seniors may benefit from minimizing the cost of medical care or funerals, while younger adults can keep families more financially secure.
Stages of Life and Insurance
PHP Agency reviews that life insurance accompanies every stage of a person’s life as far as eligibility to purchase life insurance allows. However, the three stages are broken down in the list below:
- Young Adults
- Middle-Aged Adults
- Senior Adults
These three periods of life can benefit from insurance policies, but only when the policies themselves correspond to age ranges with the most efficiency. PHP Agency reports on how expenses can be lowered through picking policies that correspond with these three life stages.
Life Insurance for Young Adults
PHP Agency notes that young adults have many expenses to consider, but this usually falls under the realm of future expenses. After all, a young adult may have debt from college or other costs accumulated during developmental years that must be paid off, even if it is not an immediate need. Often, the burden of these finances can end up falling on the family of the young adult.
However, PHP Agency reviews that life insurance purchased for those who are in their 30s can actually be cheaper than any later policies they might attempt to buy. For example, Forbes reports that the annual average cost for someone in their 20’s getting a 20-year insurance term is $108.
This might seem like a large expense to some, but compared to other life insurance policies for someone just thirty years older, it can actually save the policyholder over $100 per month. Remember, too, that young adults using a life insurance policy with spouses or income-dependent children can also be protected for the future if the policyholder passes away unexpectedly.
Coverage for Middle-Aged Adults
Middle-aged adults typically have lingering debt, not just from their young-adult life, but as accrued from natural living patterns, such as purchasing a vehicle, home, or taking out business loans.
PHP Agency reviews that people should also consider the fact that middle-aged adults must deal with the cost of having children who are older, with potential increased medical and educational bills. With all of these costs, life insurance can be a huge relief when it comes to budgeting these expenses.
Life insurance can also relieve tuition costs and help parents that are moving out of middle age to reduce their own cost of living. Furthermore, outside of the credit card and mortgage payments that can be alleviated with life insurance, remember that policies continue to go up in cost as one ages, even into senior-adult stages of life.
Life Insurance for Senior Adults
Last but certainly not least, PHP Agency reviews that adults who are in their senior years are far from in the clear when it comes to expenses. However, after caring for families and working hard most of their lives, seniors definitely deserve to have their cost of living, and even cost of passing away, financially alleviated by the proper life insurance policies.
Consider that families are often burdened with financial stress when their health declines or one of them passes away. PHP Agency reviews that funeral expenses and medical bills are only some of the worries that may transfer onto that person’s family.
However, life insurance benefits for those in the senior adult range actually include being able to lift the burden of any remaining debts and protecting those family members who still depended on the senior adults in their life for provision.
In conclusion, PHP Agency reviews that there is a life insurance policy that comes with benefits for every stage of life. Life insurance for young adults is not only cheaper than it would be later in life, but it can help offset early debts like student loan paybacks as well. Middle-aged adults can use all the help life insurance has to offer with the cost of both financially protecting and raising families.
Finally, seniors would be grateful to utilize a policy at their stage of living, too, due to the increased likelihood of medical bills and funeral services. Rather than allow those who are dependent on an adult to fend for themselves, invest in the best life insurance policy as an investment in the future at every age!