Choose flexibility

If you’re anything like me, you’ve learned by now – probably the hard way – that life doesn’t always respect your plans. As much as we try to steer life towards our hopes, unexpected things always arise. You see, the life you thought you’d be living now is likely vastly different from what you envisioned 20 years ago. And this applies to your future too. The life that your kids, grandkids, spouse, or anyone who’s your beneficiary will be living 10, 20, 30, or even 50 years from now, will be vastly different from what you imagine today. 

This unpredictability only highlights the importance of understanding your life insurance needs. Within this process, it’s crucial to consider the different types of life insurance policies. They come in various forms, including term life vs whole life vs universal life. 

Most policies, particularly term policies, are similar to renting. They provide coverage for a short period – a temporary solution until you can transition to something more enduring, like a permanent life insurance policy. While there are different types of permanent insurance, like whole life insurance and universal life policies, they all offer options similar to buying a house – they’re your solid, long-term options.

But with life being so unpredictable, you might want to rent again someday. Maybe you get married, divorced, have a child, change jobs, or move across the country. Just know you might have to take another physical if you want to secure another term policy in the future. Take, for instance, one of my client’s sons had juvenile diabetes at only 13 years of age. This condition would usually prohibit his son from getting insurance. But because a provision in his policy allowed for flexibility, he was able to secure seven more policies throughout his life.

This is why it is crucial to review your policy every couple of years and with every major life change. Flexible choices let you protect those you love, no matter what or when it happens. But remember, securing a policy is always better than having none at all.