Bringing up the topic of life insurance might be the quickest way to clear the room, but there may be benefits to life insurance that are worth considering. Like any consumer good in the marketplace, insurance isn’t a one size fits all and companies offer coverage based on a person’s needs, goals and finances. As it concerns term NCSF life insurance, this product can be recommended to young adults who are just starting their careers.
Young adults could be in the early stages of their careers when there may not be much discretionary income for expenses. Term insurance may offer one of the lowest available premiums making this type of policy affordable when funds are limited. A possible advantage of term life for a young professional could be the option to convert a term to a whole life policy within the first ten years of a policy. Within that time, a professional might have advanced in a career and increased income to afford a policy with a higher premium. Depending on the type of whole life insurance purchased, a policy owner could grow the principal and possibly withdraw funds.
Decisions regarding the type of NCSF life insurance policy to purchase may need the advice of a professional. To fully understand the available options, seeking guidance from an agent can be a wise decision.