Life insurance can be an overwhelming thing to consider, but it doesn’t have to be that way. Suze Orman, a financial advisor and television host, once said, “If a child, a spouse, a life partner, or a parent depends on you and your income -- you need life insurance.” Ms. Orman is correct, of course -- and there’s more you should know. Even if you live alone, purchasing a life insurance policy is a smart decision because it can protect the assets you own. Buying a life insurance policy may involve some industry knowledge, but it doesn’t have to be overly complicated. If you take a moment to learn the basics of buying a life insurance policy, you may be surprised about how empowered you feel when you decide to purchase life insurance and protect your family’s future.
This brings up another important topic: how much life insurance should you purchase? An industry standard is to purchase enough life insurance to replace five to seven years of your salary. But of course, it’s not quite that simple. You may feel the need to purchase more than five to seven years of your salary if your family has additional debts or assets such as a mortgage, or if you’re planning for college funds for young children. Reasons like this are why there are variations in life insurance policies - so that after your family’s needs are determined, you can purchase the life insurance policy and options that best fulfill your family’s future needs.
What if you can’t afford life insurance?
This may sound cliche, but when it comes to life insurance, you can’t afford not to be covered. Your family is likely the most important thing in your life, so ensuring their financial stability in the event of your death is invaluable. However, a policy that you can’t afford and doesn’t work with your budget doesn’t help anyone. Even though all the options for life insurance policies may seem overwhelming, there’s a benefit to this. You can buy the amount of life insurance that works for you - and having some life insurance is better than not having any at all. A life insurance specialist can closely examine your family’s financial situation and the life insurance market, to help you buy the best coverage at the lowest cost. Your life insurance specialist can also help you identify when it might be right in the future to purchase more life insurance, or how you might alter your life insurance policy down the road.
When should you think about buying life insurance?
Life’s Pivotal Moments are usually when life insurance should be considered, or reconsidered if you already own a policy.
What are Life’s Pivotal Moments?
Those are the times in life when the fundamentals of your life or lifestyle change, such as the purchase of your first home, a promotion at work, or getting married. Life insurance helps protect your family’s financial future if you were to pass away. While this can be difficult to think about, it’s important to gain the peace of mind that life insurance can offer. Life insurance is built to provide for a family after a death, and is a way for you to ensure that your family is able to live their life to the fullest -- even if you are not there physically to provide for them.
Life’s Pivotal Moments are usually when life insurance should be considered, or reconsidered if you already own a policy.
What are Life’s Pivotal Moments?
Those are the times in life when the fundamentals of your life or lifestyle change, such as the purchase of your first home, a promotion at work, or getting married. Life insurance helps protect your family’s financial future if you were to pass away. While this can be difficult to think about, it’s important to gain the peace of mind that life insurance can offer. Life insurance is built to provide for a family after a death, and is a way for you to ensure that your family is able to live their life to the fullest -- even if you are not there physically to provide for them.
There are different types of life insurance you should consider. Permanent life insurance policies usually run from the time of purchase until the event of death, regardless of age. Term life insurance policies are often more affordable, but only cover a specific time period such as from purchase until the age of 65. There are also variations of each type of life insurance available, so you can typically customize your life insurance plan to fit your specific needs and budget. Two variations to permanent life insurance are whole life insurance and universal life insurance. Whole life insurance combines your life insurance policy with an investment fund, and universal life insurance combines your policy with a money market investment. For a term life insurance plan, there is no investment component which often makes term policies more affordable for many people. If you decide to go with a term life insurance policy, it is imperative that your length of coverage is carefully planned and calculated to your family’s specific needs. Working with a life insurance specialist will help you ensure that your family is covered no matter which type of life insurance policy you decide to buy.
This brings up another important topic: how much life insurance should you purchase? An industry standard is to purchase enough life insurance to replace five to seven years of your salary. But of course, it’s not quite that simple. You may feel the need to purchase more than five to seven years of your salary if your family has additional debts or assets such as a mortgage, or if you’re planning for college funds for young children. Reasons like this are why there are variations in life insurance policies - so that after your family’s needs are determined, you can purchase the life insurance policy and options that best fulfill your family’s future needs.
What if you can’t afford life insurance?
This may sound cliche, but when it comes to life insurance, you can’t afford not to be covered. Your family is likely the most important thing in your life, so ensuring their financial stability in the event of your death is invaluable. However, a policy that you can’t afford and doesn’t work with your budget doesn’t help anyone. Even though all the options for life insurance policies may seem overwhelming, there’s a benefit to this. You can buy the amount of life insurance that works for you - and having some life insurance is better than not having any at all. A life insurance specialist can closely examine your family’s financial situation and the life insurance market, to help you buy the best coverage at the lowest cost. Your life insurance specialist can also help you identify when it might be right in the future to purchase more life insurance, or how you might alter your life insurance policy down the road.
When it comes to purchasing life insurance, you should do what works best for you and your family. It’s best to work with a professional life insurance advisor, and remember that buying life insurance now gives you peace of mind and stability for the years ahead.
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