If you’re looking for affordable Life Insurance but don’t know how much to obtain or what kind you need, we’re here to help. Life insurance is simply intended to cover the financial risk of death. In general, any individual who wants to ensure that his or her family can continue their current lifestyle after his or her death needs to have life insurance. So if certain people depend on you for financial support, or depend on you for child care and other home-based services, then you’re a great candidate for life insurance.
Life insurance has several variables, including type of insurance, duration of coverage, frequency and stability of payments, payout method and amount of coverage. Term insurance is the most basic and usually least costly type of life insurance. It’s usually best for people under age 50, and it’s written for a specific period of time, typically between 10 and 30 years. There are several other types of insurance as well, including declining balance term insurance, whole life, universal life and variable life. We’re happy to go through each type and option with you to ensure you get the best and most affordable life insurance for your needs and budget.
How much life insurance should you purchase? Good question. People often purchase life insurance based on income replacement. For example, one could purchase enough insurance to replace his or her salary for five to 10 years, but it’s also important to consider any large expenditures, like college tuition for children or paying down debts.
Life insurance is an important component to any financial plan. To help you navigate the maze and find affordable life insurance, we’re here to provide information and insights that will simplify the decision process.