Whether this is the first year you’re considering life insurance, or this is a coverage you’ve been thinking about (or trying to ignore), if your new year’s resolution is to get life insurance, you don’t have to do it alone. Below, we’re going to go over the common mental blocks people have when thinking about insurance, its importance—especially for young families, and how to get started talking to an agent about it.

Considering Life Insurance Can Be Hard

Unlike most types of insurance, which deal with disasters to the things you own and damage you might cause to others, life insurance requires you to consider your own mortality and the situation your family would be in upon your death. There is also a lot of misinformation on life insurance. It’s a heavy discussion to have with your loved ones and an easy one to delay, but the earlier you do it, the better the rates you can get.

Young Families and Their Dependents

Better rates aren’t the only reason to start early. If you’re just starting a family, accounting for life insurance as part of your financial planning creates long-term stability. Even if your health changes for the worse later in life, your existing life insurance policy will remain in place. Looking at and potentially changing your life insurance policies should occur when:

• Major Life Events: If you have changed jobs or welcomed a new family member, it is important to adjust your life insurance to reflect these financial changes. Keep in mind the child’s future education.

• Children Reaching Adulthood: If your children have reached adulthood or finished school, you may be able to allocate your savings elsewhere.

• Buying a House: If you have bought a new house or moved, it is important to keep rent or mortgage expenses in mind.

Learn more in our blog, How to Choose the Best Life Insurance Policy for Your Family.

How to Get Started with Life Insurance

So, what should you do to get started? First, you should know the two major types of life insurance: whole and term.

What Is Whole Life Insurance?

Whole life insurance is a type of permanent life insurance that provides coverage for your entire lifetime as long as you continue to pay the fixed premiums. It also includes a savings component known as cash value, which grows over time.

What Is Term Life Insurance?

Term policies, on the other hand, offer coverage for a specific period, typically 10 to 30 years. It pays a death benefit only if the insured dies within the term. It does not build cash value, but is generally much cheaper than whole.

Which is right for you? Check out our blog, Whole Life Insurance and Term Life Insurance: What’s the Difference?

The best way to follow through on your resolution to get life insurance is to talk to an insurance agent. Here at Safeside, we’re proud to offer both whole and term life insurance, and we work with families like yours to explain every aspect, provide advice, and ensure that those who depend on you are well looked after. It’s part of our commitment to getting our customers the right insurance at the right price. Get in touch with our team today to discuss your needs with an insurance agent, or dive right into getting a quote!