Life Insurance Quote Comparison
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Life Insurance Quote Comparison
Most people assume they can go without life insurance. Maybe work provides some benefit. Or, maybe you assume it is too expensive. Have you thought of looking into the details of your assumption? If not, it could cost your family big time if you pass away prematurely. A few truths to consider: Work benefits often times fall short You might have young kids and therefore a longer perio...
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Most people assume they can go without life insurance. Maybe work provides some benefit. Or, maybe you assume it is too expensive.
Have you thought of looking into the details of your assumption? If not, it could cost your family big time if you pass away prematurely.
A few truths to consider:
- Work benefits often times fall short
- You might have young kids and therefore a longer period of time to provide for them, without your income. That means you actually need more life insurance to pay out the increased death benefits your family requires to live.
- Term life insurance is a lot less expensive when you buy it as a young and healthy person.
- Just because you have a pre-existing condition does not exclude you from coverage. You may need to prove that you are actively managing your diabetes, heart condition, or even HIV.
Take an honest look at your financial records. If you have any question about how much your workplace life insurance would pay out, you have two options.
- Take out the policy and look at it.
- Call up your company’s insurance provider and ask for the policy details in writing.
While you are at it, make sure you do a checkup on your life insurance policies. If you have one through work, get the list of beneficiaries in writing as well. Review what percentages everyone receives.
Death benefits indicates exactly how much the policy will pay out for your death to your named beneficiaries.
Insurers will often advertise other gizmos along with the death benefit. In truth, you only need to buy the term life with a level premium and level payout. Spend more time focusing on whether you truthfully have enough coverage, and determining from whom to buy your policy.
Be sure to use our FREE comparison tool above to start your search.
Making Your List
The best way to determine how much coverage you need is to consider what you want your family to be able to do if you die. Do you want the kids to get an education? Do you want their college paid for in full? Do you want there to be money to pay off the mortgage?
Would you like your spouse and kids to maintain their same standard of living?
In addition, you and your spouse or partner may both be working. Likewise, you could be a single parent. Whatever the situation is, it is imperative for you to take as much care in determining how much your family needs from the grocery store as well as life insurance.
Once you have tabulated the big-ticket items such as the mortgage or educational expenses, consider adding in other pieces to the financial puzzle.
- Hire an estate attorney to handle the full spectrum of planning details.
- Alert beneficiaries of their role in your end-of-life planning process
- Hire a certified financial planner to assist in nailing down the details of benefits.
- Have the nifty estate attorney and certified financial planner work with you to make a plan for your dependents’ future, should you be taken out of the equation.
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Shopping for Insurance
There are different types of life insurance products, which can be helpful because everyone’s lives are so uniquely different. Term life insurance is the product that pops into most people’s heads when they hear about life insurance.
It simply refers to the term, or time period, the life insurance policy is in effect. For people who expect to pay down their mortgage and raise their kids within 30 years, it makes sense to have a term policy of 30 years.
Though, there is every reason under the sun to embrace all the term policies from 10 year to 25 year. In addition, there is whole life, which covers the insured for their lifetime. Whole and variable life include investment aspects, such as building cash value.
In some instances you may be able to pay different annual premium amounts, pay ahead on policy premiums, or even skip some years.
It all depends upon the policy contract that you engage in when you purchase your insurance plan.
Identify the death benefit amount you want. Then look at the creditworthiness of the insurance companies. After all, if your family needs to file a claim, you want them to be able to receive the money.
Ensuring creditworthiness is such a guarantee of sorts. Check under any of the corporate credit rating agencies, such as A.M. Best for more information.
The great part about investment accounts is that you get to enjoy some of the money you have put away toward a life insurance policy over the years. You take out the money tax-free, and can spend it any way you like.
That is why many people buy life insurance with an investment arm, despite self-proclaimed financial gurus who contend against life insurance compared to 401(k)s.
Convertibility May Help for LTC Concerns
Beyond that take a look at whether you can convert your policy for other purposes. You may be able to buy additional endorsements, or riders, which allow you to cash out your policy to pay for terminal illness, hospice care, or even long term care.
Long term care is a type of coverage that gives you a major hand in paying for highly costly expenses you might find for at-home care, skilled nursing facilities, or for nursing home care.
Rather than tap into and liquidate all of your assets, your life insurance may convert to cover long term care expenses.
Life insurance can be a lot more flexible than most people think. In addition, policies may provide coverage even if you have diabetes, depression, heart disease, HIV, and other conditions or diseases.
The key is to demonstrate that you are managing your health the best you can. You may pay more if you have existing conditions.
Though, you may not count yourself down and out by any means.
Be brave and seek a policy for your loved ones to count on you even if you are no longer here. Take into account all their needs for the present and well into the future.
Use the FREE comparison tool below to start quote shopping instantly!
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Life Insurance Quote Comparison
Most people assume they can go without life insurance. Maybe work provides some benefit. Or, maybe you assume it is too expensive. Have you thought of looking into the details of your assumption? If not, it could cost your family big time if you pass away prematurely. A few truths to consider: Work benefits often times fall short You might have young kids and therefore a longer perio...