Life insurance is a cost that most Americans avoid or ignore. Whether you are in a single household or have a family, having life insurance is extremely important and beneficial in the event of a tragedy. Advertised costs can be scary, but with a little research and mindfulness, you can find a life insurance policy tailored to your budget for that necessary security.
Choose a term life insurance policy.
A term life insurance policy will guarantee coverage for a fixed amount of time (usually 10, 15, or 20 years). The premiums on a term policy are substantially lower than a whole life insurance policy, which is almost always unnecessary to get. A term policy up to 30 years should cover your family up to the mortgage being paid and children being taken care of.
Buy a policy soon.
Whether you are closing on your first home or preparing to have a child, purchasing a life insurance policy sooner is best. The younger you are, the cheaper your policy will be and it will be easier to lock in a good rate.
Take the medical exam.
While it may seem more convenient to go with a company that doesn’t require a medical exam, it’s not always cheaper. Checking your health and having an insurance agent perform the exam will usually save money when it comes to the final paperwork.
Shop around for different options.
You’ve probably found this to be true when searching for any type of insurance. The first term life insurance policy you see may not be the best, so do some research and compare the costs between different agencies. Avoid making a quick decision from a commercial you see or an ad that may pop up on your web page.
It can seem scary to shop for a life insurance policy as it is a topic most families would rather avoid. However, the sooner it is taken care of, the better off you and your family will be in the long run.