Life Insurance Quotes
Many people don’t like talking or even thinking about life insurance. It’s very depressing thinking about all the negative things that could happen in the course of a life time when most of us are trying to enjoy this this great gift of life for as long as we can. It’s not hard at all to think of many things that you would rather be doing besides sitting through sales presentations from insurance agents who are really trying to get you to pay a monthly premium for something that you hope never happens. At least, any time soon.
Let’s face it, most of us don’t really care about insurance until we need it. With all of the negative aside, having life insurance is a very important part of our financial portfolio. LowInsuranceQuote.org can provide the necessary information for you to make a sound decision when obtaining life insurance, by giving you the opportunity to compare from the top insurance companies in the country. So, when trying to find the right insurance for you, several issues need to be addressed:
Do I even need life insurance?
If you have no dependents or loved ones that will be affected by the loss of your income, you may not need life coverage. However, if there are people that depend on you, life insurance is not something you should consider optional. Most people won’t really perceive the value of life insurance until they have children. I remember when this first occurred to me. I had always wanted to go skydiving and finally I had my opportunity in all of the excitement, it hit me. What if I don’t come home from this trip? My newlywed wife is 7 months pregnant, we are barely making the bills month-to-month as it is and I know there is no way she can do it alone. Needless to say, I cancelled my trip for the greater good of my new family, but I also took a long hard look at my insurance situation.
How much life insurance do I need?
If you are still reading at this point then you have probably recognized how much your loved ones depend on you for financial support. In order to keep supporting them as well as you currently are, even after you pass away, you should choose a life insurance policy that covers at least the full amount of your income for as long as you expect to be working. It is also important to include any substantial debts that will need to be taken care of. For example, let’s say you owe 10,000.00 on a car, 70,000.00 on a mortgage, you make 40,000.00 per year, and are 30 years old, planning to retire at age 59. You should select enough insurance coverage to pay off your 70,000.00 in major debt, as well as 29 years worth of your annual income.
What type of life insurance policy is best for me?
All of the various types of life policies have their benefits and drawbacks, however, as a general rule you cannot go wrong with term life. If you purchase term life coverage early, it can be very affordable. Unfortunately, the longer you wait to get a term life policy, especially if you wait until you have developed significant health problems-which tend to occur in old age, the cost can become overwhelming. If you are starting out late in life, it may be a benefit to get a variety of policies. For example, you may want a personally owned mortgage life insurance policy to cover the outstanding balance of your mortgage, along with a modest sum of term life to aid your family with their other financial needs.
What type of life insurance should I avoid?
Whatever you do, stay away from the mortgage life policies offered by your lender bank when you are purchasing your home. The policies they offer are designed to protect themselves and not your family. There are a multitude of mortgage life insurance options available from independent parties that will protect your loved ones. In addition, if you are young and healthy, you probably do not need a mortgage life policy. It would be best to simply purchase enough term life. to cover all of your family’s needs.