7 reasons to buy life insurance now

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Being a responsible adult means making sure loved ones who depend on you are financially safeguarded if you unexpectedly leave them behind. The way you provide that protection is with life insurance.

But a frightening reality persists. Three out of 10 Americans don’t feel they have enough life insurance coverage, according to LIMRA, a financial services research and consulting firm.

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“Twenty-somethings won’t buy life insurance because they feel invincible,” says Brian Frederick, a CFP professional with Intrinsic Wealth Counsel in Tempe, Arizona. “At the other end of the spectrum, folks 50 or older have a hard time buying coverage, either because it’s become more expensive or they have a hard time qualifying, medically.”

The real “sweet spot” for buying coverage is in your 30s or 40s, when you qualify for good rates, he says.

However, a New York Life survey found that the gap between the life insurance Americans have and the coverage they need increased 11 percent in six years.

Is your life insurance lacking? Probably, and here are seven reasons why.