Did you know that 66% of Americans agree that life insurance gives peace of mind? Many people are interested in knowing more about life insurance, but are unsure about what they actually need, and should be investing in. Here is a three point guide to life insurance tips and advice so that you know your family will be protected if something happens.
1. When should you get life insurance?
There is no right or wrong time, but generally, the earlier you get it the better, since you will get to pay less, and there is always the possibility of something happening. There are three basic types of insurance, whole, permanent, and term. Term life insurance is the most common since it is simple and the cheapest. All you need to do is pick the length of the policy, and pay the premium. Whole and permanent coverages accumulate cash value, but so many fees bite into this investment that it is not a great way to save.
2. Is elderly life insurance worth it, given that individuals will have to pay more?
In most cases, insurance is still a wise investment. The average funeral costs about $10,000, and an incredible 40% of families say that they would have trouble covering basic expenses for the first month after the death of a breadwinner. Many families are already under a lot of financial stress, and this is a way to allow them to grieve once you are gone, without having to worry right away about bills and payments.
3. What resources are there for finding decent life insurance prices?
Almost 100 million results pop up if you type Life Insurance Quotes into Google. Not surprisingly, there are many companies selling life insurance online, and many of them will allow you to access quotes through the internet. Years ago, it was more common for people to be contacted by an insurance agent who made a comission on every policy they sold. By purchasing directly from companies, you cut out that middle man and save money. Compare life insurance online from multiple websites in order to get the best deal. Make sure you compare apples to apples, since a 15 year renewable policy is not the same as a 20 year nonrenewable option.
Do you have some life insurance tips and advice? Let us know in the comments!
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