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There are benefits of taking out a life insurance policy at an early age, but it's not without its risks. A permanent life insurance plan can be a way to protect your loved ones from having to worry about supporting you financially after you pass away. There is also the financial security aspect for yourself in being able to provide for your family with peace of mind if something unfortunate were to happen that prevents you from living longer than expected.
The increased premiums are the downside of this plan, as well as the fact that once taken out, it cannot be canceled or retroactively changed. Although they may seem like obstacles at first blush, these factors have all been weighed and considered carefully by lenders who offer these plans and are willing to take on those risks.
The fact is that they are not legally required to do so, and if they were to cancel your plan after you receive payments, they would be liable for the entire amount of the policy. Life insurance is meant to be a last resort financial solution. As such, it is highly recommended that you speak to an agent certified by them at this link: http://www.progressiveinsurance.com...-and-plans/taking-out-an-early-life-insurance
The increased premiums are the downside of this plan, as well as the fact that once taken out, it cannot be canceled or retroactively changed. Although they may seem like obstacles at first blush, these factors have all been weighed and considered carefully by lenders who offer these plans and are willing to take on those risks.
The fact is that they are not legally required to do so, and if they were to cancel your plan after you receive payments, they would be liable for the entire amount of the policy. Life insurance is meant to be a last resort financial solution. As such, it is highly recommended that you speak to an agent certified by them at this link: http://www.progressiveinsurance.com...-and-plans/taking-out-an-early-life-insurance
