Everyone who has anyone financially dependent on them should have life insurance and this is a very important question for each and every one of us.
Unfortunately, it is often not one that people tend to want to think about, sometimes until it is too late, as obviously, no one wants to consider their own demise, or indeed the demise of a loved one.
Some people think it is a little morbid, however as with anything in life, it is always better to be prepared and just knowing that you have ensured that you and your loved ones will always be financially taken care of, is a reassuring prospect. Even if you are searching for a small amount of coverage, or something larger such as a one million dollar insurance policy, we can help.
You never know what life is going to throw at you tomorrow. Because you can’t predict the future, it’s important that you prepare for the worst, and having life insurance is the best way that you can do that.
Although for every individual, there will be a “right” time to think about and buy life insurance, it is worth noting that the older we get the higher the premiums can be. Also as we get older, health related problems can start to appear and these can also cause an increase in Life Insurance premiums. Perhaps you feel you have waited too long to begin your search. If you are a senior citizen and you are needing term life insurance for seniors, let us help you in your search.
Adequate life insurance should be a vitally important part of your life, knowing that you have covered all eventualities and that your loved ones are provided for will give you lasting peace of mind. The sooner you think about and look at taking out adequate Life Insurance, you’ll be at an advantage. The quickest and easiest way to do this is find an insurance agent who works with an independent agency, like us!
Our agency is licensed in all 50 states and has contracts with more than 60 life insurance carriers, which lets us custom tailor a policy that fits your goals and budget.
Our advisors will discuss your needs and assess the correct level of life insurance cover tailored to your personal lifestyle. Shopping for life insurance policies can be confusing and stressful, but our agents are here to help. They can walk your through the purchasing process and help you decide which plan works best for you and your loved ones.
Even though in general people do not want to think about life insurance, there are usually some mitigating factors which prompt people to really stop and think about their future. They then realize that life insurance and of course provision for their loved ones in the event of their death or even permanent disability is vitally important.
If you were to suffer a permanent disability that stopped you from being able to financially provide for your loved ones, you would need to know that any life insurance would provide enough of an income to ensure a happy and financially secure life for all of you.
In general, for most people, there are usually five things which trigger them into reflecting on their life and prompt them to think about and look for a quote for Life Insurance:
Any change in Marital Status
When a couple decide to marry, they are planning a future together and obviously want to ensure that should either one of them die or become totally incapacitated, their spouse and any resulting children would be adequately provided for. The other side of the coin is the fact that, were the marriage to break down and result in divorce, if there were children involved, Life Insurance would be a requirement of the divorce decree.
Being Pregnant or the Birth of a Child
Finding out that you are to become a parent, or indeed have recently become one, is a very powerful motivation to ensure you have adequate life insurance. This is an event which really forces you to focus on your life and to think about how your loved ones would cope without your financial support. You need to know that your child will be adequately provided for financially in the sad event of loss of either, or even both parents.
Change of Job
When you change your job, it can increase the demands on your life in general and it can also be a vital time to look at life insurance coverage. Your previous employment may have included Life Insurance as part of the package and this would have been terminated when you stopped working there.
Also you may be working in a different area or even a completely different type of job which required a higher level of life coverage. Obviously you would need to reassess your lifestyle and ensure that you had enough life insurance to adequately meet your current needs.
Change of Address or New Mortgage
When buying a new house, it is essential to have adequate life insurance to ensure the mortgage will be paid off in the event of untimely death, or permanent incapacity. Many mortgage companies actually offer their own life insurance for this; however it can be vastly overpriced and is not necessarily tailored to the individual’s needs. It is better to look for life insurance that can be specifically tailored to your personal needs and budget.
It is a sad, but the death of a loved one can be the absolute motivator for people to think about life insurance. This is the time when people really realize the impact the loss of a loved one can have on their lives as it is the time when finances are most at risk and also when they create the biggest burden to the ones left behind.
It is hard enough to cope with the loss of possibly the most important person in your life without having the added burden of having to worry about your finances as well.
The one thing to remember is that it is never too early to look for adequate life insurance to ensure the happiness and financial wellbeing of you and your loved ones.
How Much Life Insurance Do You Need?
Aside from deciding which type of plan you’re going to buy, the next most important decisions is how much life insurance you’re going to buy. It’s vital that you give your family enough coverage if you were to pass away. Not having enough life insurance is almost as bad as not having insurance at all.
So, how do you decide how much you should buy? There are several different questions that you can ask to help you calculate your life insurance needs.
How much debt would I leave behind? More than likely, you would leave your loved ones with thousands of dollars in debt from your mortgage, car payments, student loans, and much more. For a grieving family that is struggling through the loss of a family member, these expenses can be almost impossible to pay off. Which is where the purchase of life insurance plays a part.
The other main purpose of life insurance is to replace your annual salary that your family members rely on. If you have a spouse and children that count on your paycheck every month, what would happen if they suddenly didn’t have that income? Life insurance gives them the resources they need to find a way to permanently replace that lost salary. There is no “perfect number” for how much life insurance that you purchase, but most financial advisors suggest getting around ten times your salary.
Getting Affordable Life Insurance
A lot of people assume that life insurance is an expensive purchase, which is why a lot of people avoiding applying for a policy. Applicants are surprised to see just how affordable their coverage is. It’s important that you and your family get affordable and quality coverage. There are several different ways that you can get the lowest premiums available.
The first way to lower your rates is to get in shape. When you apply for your policy, the company is going to use your health to determine how much of a risk you are. The more risk, the higher your rates. If you want to save money every month, it’s time to lose those extra pounds. Losing any extra weight will reduce your chances of being diagnosed with diabetes, having cardiovascular problems, and lower your risk of having a number of different severe health complications later in life, which will make you a more appealing candidate to the insurance companies. Policies that are offered with no medical exam, are great for those who need coverage who can absolutely not get coverage any other way, though you will see higher premiums, as your risk is higher to the company. Even if you need life insurance for overweight people or wondering how having diabetes and life insurance works; we can help with this too.
As we mentioned earlier, it’s never too early to look for life insurance. In fact, the sooner that you get it, the less you’re going to pay. Age is the biggest determining factor in calculating your premiums. The younger you are, the less you pay. Simple as that.
Additionally, the quickest way to lower your rates is to stop using tobacco products for a year. Most companies look back at least 12 months on usage, so the earlier you stop the quicker you can keep that standard rate from doubling. If you want to save money, it’s time to put down the cigarettes. Your doctor and wallet will thank you.
One of the best ways to get the lowest rates possible is by using an independent insurance agent. Instead of representing just one company, our agents represent some of the highest rated companies across the nation. There are dozens and dozens of different companies that you could choose from, which means you could spend hour and hours talking to different agents. Instead, let us do all of the work for you. Fill out the quote form on the side with your information, and all of the lowest quotes will be brought to you.
Every year, we hear countless stories about families that lost someone close to them. While going through this tragic time, they found themselves with dozens of bills in the mail that they struggled to pay for. No family should have to go through the additional financial strain that can come along with a death.
If you want to ask us about any of the types of life insurance or anything regarding your life insurance coverage, please contact us and we will be happy to answer those for you. Getting adequate and quality life protection is key to providing a secure lifestyle for your family.