Life insurance is one of the most important investments you can make, so it is important that you make smart decisions.
Life insurance is a vital part of any family’s financial security and well-being. The only thing about purchasing life insurance is that it can be especially daunting–don’t worry, you’re not alone in that thought. Luckily for you, you have found this article to help you consider some smart steps to take when perusing through life insurance policies. If you are ready to buy life insurance but are unsure of where to start, consider these smart steps.
Calculate Life Insurance Needs
In order to best calculate your life insurance needs, you need to find out the needs of your beneficiaries after you pass. What are the income needs of your family? A good way to do this is by calculating your debts and any future expenses they may need. Your mortgage, car loans, student loans, and any other debt need to be considered along with possible future debts like tuition.
What Type of Life Insurance Do You Need?
Life insurance comes in two forms, whole life insurance and term life insurance. As the name suggests, whole life insurance lasts for your entire life and can accumulate in savings, but the premium is higher. Term life insurance will last only a specific amount of time but is cheaper. It is great for those families who live on a budget.
Add Any Riders to the Policy?
There are gaps in most insurance policies, but rider policies can help fill those gaps. Talk to your insurance company or agent to see what options are best for you.
To learn more about life insurance and what it can do for you, contact Donald Weiss Insurance Services. Our dedicated team will help you determine your coverage needs, helping you pick the right policy with the right term for your goals. Don’t be left with questions when buying this essential coverage; call us today!
