The Spokesman-Review of Spokane, Washington, said the tenth anniversary of September 11's terrorists attacks were a stark reminder that life insurance should be bought to prepare for sudden loss. While this may be true, the article said millions of Americans are not covered.
According to the article, people who have children under the age of 18 need to have life insurance to protect anyone who depends on them after they die. The news source said that if a spouse or partner would be financially distressed by the lost money, a person needs to consider what the effects of not having life insurance would be. It is stressed that it's better to buy life insurance when younger to lock in a better rate.
"Insurance companies charge you more the older you get. But a policy described as “guaranteed level term” means the payout amount is locked in once you purchase a policy," the Spokesman-Review said. "So it pays to buy when you are relatively young. The healthier you are, the better, too – good health equates to the best rates. You should consider buying it as soon as you have a child."
Rebecca J. Gonzalez, president of the National Association of Insurance and Financial Advisors for Wisconsin, said in Central Wisconsin Business' website that no one wants to think about life insurance, but said people need to ask if their family will be financially stable without them in the picture.