Everyone has had thoughts about that dreadful day of life ending at least once in their lifetime. How will my family cope when I am gone? What will their life be like without me? These are just a few of the piercing questions that riddle the human mind when faced with the reality of death.
Life Insurance can be the answer for a great number of those scary questions, and we know that with all the options out there in the world, how do you know which one is best for you?
First let’s start by highlighting what is life insurance?
Life insurance is like many other forms of insurance where you can purchase the coverage either all at once or pay a certain amount periodically as a way of subscribing to the life policy and in return, if your time should run out, your loved ones would receive a monetary benefit to settle any bills or funeral expenses. I know what you’re thinking, “I bet its expensive.†And that is such a common thought, but the price range varies to accommodate the different lifestyles and economic class of every working man or woman, so there is always an option may be $1 a day or $50 a month.
Is Life Insurance Really Worth it?
The peace of mind knowing that your family will be ok even if you don’t get a chance to say goodbye is always worth it. If we have learned anything in the past pandemic era of your lives is that tomorrow isn’t promised to anyone, and we need to be prepared no matter what.
How to find the best plan for me?
As it relates to life Insurance, the rates are going to be more subjective meaning that the company that you choose may have qualifications put in place that will basically navigate how much your premium rate or your purchasing price would be. Factors such as tobacco use, any previous sicknesses that may shorten your life span in the upcoming years as well as your age would be considered. When signing up for Life Insurance, information is Key. Don’t be afraid to ask questions. If you are feeling uncertain take your time and look over the options prepared for you and make sure to pay attention to the limitations of your plan and be mindful of the things that you need and may apply to you in the future. There are some plans that come with an accelerated terminal illness rider which would allow you to receive the full benefit before passing upon diagnosis with a terminal illness, which is a great option to have and there are others that have accidental death riders which gives you that extra protection from the unknown. I know this seems like a lot but as I said earlier, THERE IS A PLAN FOR EVERYONE. So don’t worry, take a deep breath, you will be fine. I have come up with a checklist that will help you navigate what type of coverage may be right for you, I hope it helps.
Life insurance checklist
How much will the coverage cost?
How much will be the best amount to protect my family when I Die?
What is my family health history? – Is there a history of cancer or any other terminal illnesses?
What do I do for work? – Do I have any health risks while working?
Is life insurance offered through your place of work?
How much money will my family need to take care of college, mortgage and or keeping their current lifestyle?
Do I want Term or Whole Life?
 What are the renewal term options that fit my future plans and goals? – Five-year term renewal? – Ten-year renewal term? – Twenty-year renewal term?  Is Universal Life a better option to handle while working full time?
