You’ll make many important purchases in your life, with life insurance somewhere near the top of the list. When it comes to your finances and protecting your loved ones, this is just one of the many things you should consider buying.
Of course, there’s a big difference between saying you’re going to buy life insurance and actually doing so. Many people shy away because they don’t know what they want, what they need, or how to purchase a policy that suits all their requirements.
By answering the following questions, you’ll begin to better understand your situation and the type of life insurance that’s best for you and your family.
- What type of life insurance policy do you want to purchase? Generally speaking, you’ll find yourself deciding between whole life and term life. With whole life, there’s a guaranteed death benefit. With term life, you purchase coverage for a predetermined period of time, such as 10 or 20 years.
- How much of a death benefit do you want? This is the amount of money that goes to your beneficiary when you pass on. The higher the death benefit, the more you’ll pay every month for your policy.
- Which company can offer you the best deal? There’s no way of knowing until you begin the search process, so don’t hesitate. Search online, make some phone calls, and talk to the company that provides your home and auto insurance.
While these are among the most important questions to answer as you consider buying life insurance, others are likely to come to mind. Answer every question, regardless of what it may be, to ensure yourself of making a confident decision.
If you have any questions about life insurance, how to buy, or where it fits into your estate plan, contact us for professional guidance. We’ll make sure you understand the benefits of buying a life insurance policy.