We’d like to believe we’re better prepared to secure the future of our family should something happen to us. In fact, 84% of Americans agree that they need life insurance. Yet, only 41% of them do not carry any life insurance. Among those that do; nearly one-third of them have a basic group policy. If you are planning to buy life insurance, here are five things you ought to know:
Life insurance isn’t only about monetary benefits:
Of course, life insurance helps your loved ones cover the cost of debts, mortgages, planning educational expenses, and lost income. But it also helps to mitigate the financial burden placed on the surviving members. Before you seek insurance quotes, remember to assess your current insurance policy. How quickly will the cash value grow on the new policy? Can you afford the premium payments? You may also speak to an agent to help you evaluate the true value of a policy.
Compare Insurance Policies:
You may either opt for cash value insurance or ask for term life insurance quotes. Typically, the latter have lower premiums. Cash value premiums include whole life, universal life, and variable life insurance. Look for a policy that you can afford.
Understand the Terms of the Policies:
Did you know that you may renew your term insurance for more than one term, or if your health conditions have changed? Sometimes, the premiums may be higher – remember to check what premiums you will be paying if you decide to renew. Also, is there an age limit beyond which you cannot review?
Looking for term life insurance quotes? Contact us!