While it is not one of those things we really want to think about, we absolutely want to make sure that when we leave this earth, our loved ones aren’t left footing massive debts and bills. It’s important to consider a life insurance policy that will not only accommodate things like funeral expenses but also take care of your family when you’re gone for things like college tuition. Here are a few things to keep in mind as you take a look at life insurance quotes from a variety of insurers.
How Much Coverage
When looking at life insurance quotes, it is important to consider where you are in life. Some planners will recommend an insurance policy that replaces five to seven years of your salary. Consider a greater amount of coverage if your children are in infancy at the time you consult with a life insurance company, as well as the amount of outstanding debt you hold.
There are different types of life insurance to consider depending on the extent of protection you wish to have in place for you and your loved ones. Term life insurance is life insurance purchased for a specific number of years. This is usually the least expensive of life insurance options offered by insurers and commonly ranges from 10 to 30 years for a term.
Whole life insurance has a set premium and is valid as long as you pay. This type of permanent life insurance may build up a cash value that is collectible depending on the surrender clause in your insurance policy. There’s also universal life insurance, another form of permanent life insurance, that offers investment options for insured parties.
Length of Term
When evaluating your coverage options, it is important to remember that life insurance is not a substitute for a retirement plan like a 401(k) or IRA. You want to find the best rate so that you’ll have enough to live on when you retire, and you won’t have to keep paying insurance premiums. It is the best way to ensure peace of mind and comfort later in life.
When figuring out how long you need to be insured, start by considering your benefactors. You may want to cover your spouse for your lost income and calculate when your children will no longer be in need of your financial support. Things could differ for your pursuit of life insurance if you start a family later in life. Keep in mind, older individuals can expect to pay a higher premium for both term and permanent life insurance policies. Life insurance rates for men also tend to run higher than for women because, on average, the male lifespan is shorter than that of females.
When to Purchase Life Insurance
Whatever amount of life insurance coverage you are purchasing, be sure to consider that the cheapest rates come to those in good health. If you are overweight or a smoker, you could see significantly greater life insurance premiums.
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