Life insurance is a vital purchase you’re going to have to make in your life, so it’s important to know what you should consider.
Once you have decided to purchase life insurance, you need to think about how this coverage will be designed to meet your unique needs. Everybody is different: they have a different financial situation, different job, different family history, and so on. Here are some critical issues that you should consider.
How Long Does the Coverage Need to Last?
Do you want the coverage to last a certain amount of time? Then a term policy is likely going to satisfy your requirements. Their terms last for 10, 15, 20, or 30 years. While term insurance may be cheaper, once the premium runs out, the price will shoot up if you choose to renew.
Disability Waiver Program?
This is a rider (add-on) policy, and is an excellent way to get limited coverage. If you do not have a long-term policy, you should look into buying an individual policy. Some waivers cover only the cost of insurance, while others replace the entire premium allowing the cash value to keep growing.
Policy That Builds Cash Value?
Unless you have a particular need for permanent coverage, a term policy with a conversion rider makes sense to fund retirement and IRA options. If you have the cash flow and choose to commit to a long-term policy, you would be able to fund it with the cash flow you have accrued after years of paying your premium.
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!
