Affordable Life Insurance Protection for Your Family
Tips on When to Buy Life Insurance
Are You Considering the Purchase of a Life Insurance Policy?
If so, you may have discovered you have a need for life insurance.
But when do people decide now is the time to buy life insurance protection?
Well, it usually occurs to them when a major life event happens; such as, getting engaged or married, starting a family, buying a home, getting a promotion, or the death of a loved one.
One key element to buying life insurance is realizing you have a need. That someone relies on your for financial support, or you have an outstanding debt (home mortgage, car loan, or student loan), or that you are planning for the future which includes greater financial responsibility on your part.
Life Insurance Proceeds Can Be Used for Any Reason, Including:
Death Benefits – The money paid out from a life insurance policy can be used for any purpose. Life insurance can help your family to maintain the standard of living and lifestyle they shared with you.
Final Expenses – Life insurance can help to pay for your burial, funeral and final expenses. The average cost of a funeral and burial can exceed $7,500.
Debts – Money from the proceeds of your life insurance can pay off your outstanding debt, including your home mortgage, auto loan, college loan, credit cards, etc.
Life insurance is a contract between you and the insurance company. You agree to pay premiums to the insurer, and in return, if you die, the insurance company agrees to pay a death benefit to the person(s) you choose – your beneficiary.
Life insurance creates a guarantee of financial security for the future of those who count on you for financial support.
It doesn’t matter what your age is, if you are a teenage parent, or entering your golden years, you may have a need for life insurance.
When you decide it is time to buy life insurance do not hesitate. Why? Because, you may have an accident today or you may become terminally ill tomorrow.
We never know what the future holds for us, but if you feel the need for life insurance, get started on your way to getting insured today.
Common Reasons for Buying Life Insurance
How Do I Buy Life Insurance?
You’ll want to ask yourself some questions before buying your policy:
What Type of Life Insurance Do I Need?
There are two basic types of life insurance: Term and Permanent.
Term life insurance is temporary coverage with guaranteed rates for a period of up to 30 years. You can choose a term of 10, 15, 20 or 30 years of coverage.
Term life costs a lot less than permanent life insurance, so if your need is for 40 years or less, then you may want to consider a term life insurance policy.
Permanent life insurance costs a lot more because it provides lifetime protection and the rate is guaranteed to remain the same your entire lifetime.
How Much Life Insurance Do I Need?
That depends on your financial situation and what you want your life insurance plan to accomplish.
Some people want enough money to be invested conservatively so their family can live off of the interest. Some may want enough to support their family for 10 or 15 years. While others may want funds to pay off the mortgage, pay for their children’s college, and replace their income.
A quick and easy way to determine your life insurance needs is to use a life insurance calculator. You just answer some basic questions and the calculator gives you an instant, accurate estimate of how much life insurance is right for you.
How Long Do I Need Life Insurance?
You may want life insurance for 20 or 30 years until your children are grown and on their own. You may want to be insured until the kids are out of college, the mortgage is paid off, and you are retired.
Life Insurance Quotes
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