As the old saying goes, the only certainties in life are death and taxes. After that, life is full of surprises.
One surprise you want to avoid (especially for those with families) is finding you do not have the right life insurance plan in place. Without one, you could end up leaving your loved ones in a major financial whole, especially if you die young and/or unexpectedly.
With that to think about, have you reviewed your insurance needs, looking to see where there may be a shortfall?
Right Life Insurance at the Right Price
In order to find the right life insurance policy at an affordable price, do your research both online and in-person.
One avenue to turn to is family, friends and even co-workers, looking to see what kinds of policies they purchased and who from.
Remember, when all is said and done, life insurance protects the people you love.
Your life insurance policy and when and how you should focus in on it revolves around:
- Age – If you’re considering obtaining a life insurance policy, what age you are goes a long way in determining if now or down the road is the best time to buy a policy. If you are young and have a child or children, life insurance certainly makes sense. This is even more so true if you are the main financial source of income in the family (see more below). For those in the middle age bracket, getting a life insurance policy still makes sense, especially given the fact more Americans are living longer years. Where it truly does not make sense to buy a policy is if you are in your later years. While you should have already purchased a plan by now, acquiring one in your 70’s or 80’s doesn’t give you a lot of time to fully benefit from it or your family for that matter;
- Finances – Even though more women are opting to work these days and start families later in life, there are still many who chose to be stay-at-home mothers. As a result, the spouse is typically the one working 40+ hours a week, serving as the primary source of family income. With this being the case, it is critical that the family has a safety net to fall back on in the event the spouse is permanently injured on the job or even passes away. What kind of life insurance you need and can afford of course depend on your present and projected financial situation;
- Coverage – There are different life insurance plan options available, so be sure to ask an agent and do your own research on the web. You may be geared towards getting whole life insurance that is coverage where the premium payments are set for the duration of the policy. There are several appealing factors to a whole life policy, including having a fixed monthly charge and buying the plan for a major portion of your life, meaning it will be easier to figure out an approximate payout at the time of your death. Meantime, a universal life insurance policy gives you more flexibility, meaning different premiums over the life of the plan. You also have the option of purchasing term life insurance, a plan whereby you select the term (decade, two decades etc.) best suited for you. Keep in mind that with such a policy, you have the choice down the road of converting it into a permanent life insurance plan. As you can see, with myriad of policies out there, make sure you sit down and review them all, looking for the one best for you and your family.
Unlike choosing the right doctor or whether or not to have major surgery, selecting the right life insurance coverage for you and your loved ones does not have to be a challenging decision.
Get with an agent today and discuss what is in your family’s best interests when it comes to life insurance.
Once you have your decision made, you can feel better about your financial situation now and over the long haul.
This alleviates having to worry as to whether or not your spouse and children will have a safety net in place.
