Id like to know if renewing a term insurance contract involves any changes to premiums. Could you also tell me which type of life insurance is best for someone 18 to 21, and why?
When renewing a term life insurance policy, premiums will increase in keeping with the age of the insured. It’s important to note that, as its name suggests, such a policy meets temporary coverage needs. For example, it could be used in case of death to care for a child until he or she reaches legal age, or repay a personal loan or mortgage. If I understand your second question, you’re looking for the ideal coverage for some 18 to 21 years of age. However, each case is unique. You should really have your needs analyzed by a financial security advisor in order to establish if you actually require coverage at all, and, if so, which is most suitable for you. The purpose of an insurance policy is to offset a loss of income or protect assets-circumstances that are rather rare in the case of a young person. However, an insurance policy taken out early in life can be less expensive than if taken out at a more advanced age. It can also be used to guarantee your coverage is maintained, since, a
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