Affordable Life Insurance Protection for Your Family

Should I Buy Life Insurance?

Deciding If You Need Life Insurance Protection

Should I Buy Life Insurance?

If you are planning for your future, considering the purchase of a life insurance policy may be right for your financial plan.

But, do you need life insurance and how can it help you?

There are so many reason why people choose to buy a life insurance plan, whether it’s to replace their income for their family or cover the cost of their final expenses.

Before deciding on your need, ask yourself this question – What goal do I have that I need life insurance to help me accomplish?

Once you have answered that question, you’ll know if you should buy coverage.

Common Reasons to Buy Life Insurance

Here are several of the most common reasons people choose to purchase life insurance:

  • To Replace Your Income
  • To Provide for Your Family’s Living Expenses
  • To Pay Off Mortgage Loan
  • To Pay for Final Expense Costs – Funeral, Burial, Hospital Bills, and Related End of Life Expenses.
  • To Provide for Child’s College Education
  • To Provide for Your Spouse’s Retirement
  • To Leave a Legacy to Your Children and Grandchildren
  • To Leave Money to a Charitable Organization
  • To Provide Money to Pay for Estate Taxes


Why Buy Life Insurance for Your Parents


Today, many adult children purchase life insurance plans on their elderly parents.

These insurance policies can help to make sure the money is there to guarantee your parents will have a respectful funeral and burial without any undue financial stress placed upon the family to come up with the funds needed at the last minute.


Common Reasons to Buy Life Insurance on Your Parents


To Pay for Your Parents Funeral and Burial Costs

To Pay for End of Life Expenses – Hospital Bills and Credit Cards Debt


Buy Life Insurance for Specific Financial Obligations 

  • College Loan
  • Auto Loan                                                                                 
  • Credit Card Debt
  • Personal Loans


Major Life Events Trigger a Need for Life Insurance

  • Marriage
  • Birth of a Child
  • Adopting a Child
  • Death of a Loved One
  • Purchase of a Condominium or House
  • Promotion at Work
  • Engagement
  • Becoming Legal Guardian of a Handicapped Adult


Changes for Your Future Life

As you grow older you may take on more financial responsibilities that require a greater need for life insurance coverage.

If you purchase a policy now you will be protected at a lower cost than waiting when you are older and the rate will be higher for you to get insured.

If you already own a policy, you may have the option of increasing your coverage amount without being required to take a physical examination.


Guaranteed Insurability

If you get a life insurance policy while you are young, you won’t have to worry about a change in your health when you need coverage later on.

If your health changes over time, you may find it more difficult, more-costly, or even impossible, to get insured due to health problems.

By purchasing life insurance while you are young and healthy, you guarantee you are covered later on when you have a greater need for life insurance. 


How Does Life Insurance Work?

Life insurance is a contract between the insurance company and the owner of the life insurance policy. The insurer agrees to pay put a death benefit to the beneficiary of the insurance policy upon the death of the insured person. In return, the owner of the policy agrees to pay premiums on a regular basis to the insurance company. The owner of the policy may or may not be the person insured for life insurance.


What Type of Life Insurance Is Right for Me?

When it comes to choosing your policy, there are two basic types to compare – Term and Permanent.

Term life insurance is temporary coverage lasting for a specific period of time, usually up to 30 years. You may be able to choose a policy "Term" of 10, 15, 20, 25 or 30 years depending on your age and health. The longer your term of coverage, the higher your annual cost. If you need life insurance for 30 years or less, this is the type of plan to consider.

Permanent life insurance is coverage that lasts your entire lifetime. It provides a death benefit and builds cash value inside your policy over time. Permanent life usually costs up to 5-10 times more than term life because you may outlive your term insurance policy. If you need life insurance guaranteed to last you entire lifetime, permanent life may be the plan to consider.


How Much Life Insurance Do I Need?

When buying life insurance, you’ll want to make sure you choose the right amount of protection to meet your specific needs, whether it’s to provide for your child’s college education, pay off your home mortgage, or replace your income. 

Although many financial experts recommend buying 10-20 times your income in life insurance, it may be wiser to use a life insurance needs calculator to make sure you have the amount of life insurance coverage you really need.


How Much Does Life Insurance Cost?

Actually, it’s a lot more affordable than most people expect. And some plans may cost less than the amount of money you spend each month on your morning coffee.

The cost of life insurance is referred to as the premium. And, the premium is based on the rate charged times the amount of life insurance. 

So, if your rate is $4 per $1,000 of coverage, and you have a $100,000 policy, that means you pay $4 X $100 = $400 per year for $100,000 of life insurance.


The quickest and easiest way for you to find out how much your life insurance policy will cost is to request a free life insurance quote online.

It’s really simple. You just visit a life insurance quote provider, answer some simple questions, and click on the button to instantly receive the lowest prices for life insurance from several insurers. The quotes for life insurance are based on your specific information. 

Yes, the quotes are Instant. The prices offered show up on your screen immediately. No Delays.


How to Save Money When Buying Life Insurance Coverage


There are several tips you can use to help you lower the cost of your life insurance policy, including the following:

  • Buy Now – Rates on life insurance increase as you get older.
  • Annual Payments – Paying premiums once per year instead of monthly will save you on the fee that is charged for the additional handling of your payment processing for monthly payments.
  • Get Healthy – Eat right and get regular exercise to improve your overall health.
  • Quit Smoking – Smokers pay up to 5-10 times more than Non-smokers.
  • Lose Weight – People who are Overweight or Obese are charged a higher rate.
  • Lower Cholesterol – People with High Cholesterol levels pay more for life insurance.
  • Use a Needs Calculator – Use a life insurance need calculator to help you decide how much insurance you really need, so you don't pay for more protection than is necessary.
  • Choose Term Life – Permanent life insurance costs 2-5 times more than term life insurance. If you only need protection for a period of 30 years or less, term life may be a good option.
  • Compare Rates – Pricing on life insurance varies by insurer. Make sure you compare rates from multiple carriers before choosing your life insurance policy and carrier.


Final Note:

If you are deciding whether or not you should buy life insurance, just ask yourself this question:

Does anyone rely on you for some means of financial support, or would anyone suffer financially upon your passing?

If the answer is Yes, then maybe you should get life insurance coverage.

And, if you plan on future changes to your life which would mean you taking on greater financial responsibilities, then perhaps you should buy life insurance to make certain you have the protection needed, in case your health changes in the future and you are unable to get insured. Better to get covered now and lock-in a lower rate while you are younger and healthy.


Life Insurance Quotes


Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.


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Should I Buy Life Insurance for My Spouse?

Should I Buy Life Insurance?

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