Choosing the right life insurance policy can be intimidating. But it doesn’t have to be.
It’s important to educate yourself so that you’ll be able to choose the policy that’s right for you. Not all life insurance policies are the same. Some cover your lifetime. Others cover you for a specific number of years. Some build up cash values. Others, not so much. Some policies combine features, while others let you change from one kind to another. Some policies even offer additional benefits while you’re living.
Where to begin?
There are two basic types of life insurance: term insurance and permanent insurance. Term insurance generally has lower premiums but it doesn’t build up cash value that you can use in the future. You may be able to use a combination of permanent life insurance with term insurance during the period of your greatest need for life insurance to replace potential lost income.
When you buy life insurance, you want coverage that fits your needs and your income.
First off, determine how much you need, for how long, and what you can afford to pay. Keep in mind the major reason you buy life insurance is to cover the financial effects of unexpected or untimely death. Life insurance can also be a great way to plan for the future.
You can choose the policy that protects your family in case of early death, the one that works best if you live a long life, or a combination.
It makes good sense to ask a life insurance professional to help you decide. They can review your needs and advise you on which policy is best for you.
If you’re looking for a little more guidance or have questions, call us at 888.851.2493.