Starting Out

Starting out on life’s adventure? GPM Life offers products to help you protect your plans and start off on a solid foundation.


Now is the time to think about life insurance


Now is the time to think about life insurance

This is an exciting time. Whether you are single or newly married, you are making big changes in your life. Many singles and young newlyweds assume they do not need life insurance because they have limited debt and no children. 

The truth is this is the right time to think about life insurance. Why? You are likely in the best health you will ever enjoy. Your life insurance premiums will reflect this—for the rest of your life! 

Now is the time to think about the plans you are making for the future.  Are you planning to 

  • Buy a new house? 
  • Get married? 
  • Have children? 
  • Change careers? 
  • Continue your education?

Life insurance can protect your plans, and at a very affordable price. One question that comes up often is, should I buy term insurance because it is cheaper, or buy a permanent insurance product that lasts? We believe that everyone should have some permanent insurance. This product will protect you from changes in your health, and from substantial increases in your premium payments due to inflation and your increasing age. But sometimes you need more insurance coverage than you can afford to purchase in a permanent insurance product. In this case, consider combining a permanent plan of insurance with a term life insurance rider (additional coverage) or a stand-alone term product. 

For example, assume you need $500,000 of life insurance protection, but your current budget limits you to $75 month. A 25 year-old male in excellent health may pay around $175 each month for $500,000 of permanent coverage1. However, a combination of a permanent product with a term rider can reduce this monthly payment to the $75 target2. Your permanent life insurance product is projected to stay in-force through age 95, while your term rider will drop off at age 70, when many of your original needs may be satisfied (children are grown, house is paid off, you are retired). 

1Universal Life insurance product, assuming excellent health 

2Universal Life insurance base of $100,000 and an Additional Term Rider through age 70 of $400,000

Complementary Content