People are irreplaceable, but it is a word from the wise to keep some financial resources for your family after you are gone. No one likes to think of such a day, but think of such a time for your family without any financial support. A life insurance helps you to prepare so that such dire times never come. In the event of an unforeseen death life insurance will help to pay the bills and provide some amount of comfort to your loved ones. When it comes to buying a life insurance, age is no bar. But buying the right plan for you will take a lot of research and time. Some of the most important and obvious questions that SHOULD be asked by a buyer include-
Why do I need a life insurance?
The older you get the more the responsibilities of life and family bear down upon you. So buying a life insurance at a young age is simply planning ahead of time. Being young does not mean you do not at all require a life insurance. Buying a life insurance from Suncorp Life Insurance early will save you all the worries about your loved ones when you start growing older. Age is not an issue while buying an insurance plan; the question should revolve around the money and the time.
What is the right age for buying a life insurance?
Although most people do not consider life insurance unless they are older, buying one at a young age will cost you considerably less. Very practically thinking, buying a 30 year term policy from Suncorp Life Insurance in your twenties will see you through all your mortgage payments, family expenses and other related expenses as well. While putting it off for when you are older will cost you way more, since you will not be in the pink of your health and many companies may even refuse to provide you coverage due to the health conditions that you may pick up in the course of the years. So when it comes to buying a policy, the younger you are the better.
What type of cover should I opt for?
At Suncorp Life Insurance there are two very comprehensive options. One is a lifetime coverage which is a little more expensive but is more of an umbrella policy. The other one is for a specified amount of time, with more affordable premiums. If you are young and worried about expenses you can start out with a short term policy and later make a switch to a long term one.
What’s the cost?
It is always better to consult a financial professional to find out if you are about to pay too much for too little coverage. However the amount you need is solely dependent on your financial situation. First you need to chalk out how much you can shed and then hunt policies that cover your areas of concern. A very common method is to multiply your current salary by 8 to find your required amount of coverage.
Life insurance is a must for everybody and it always helps if you know the key factors that should drive your search for your ideal policy. It is not an accessory but a requirement for any individual.
