Life Insurance Terms You Need To Know

Life Insurance Terms You Need To Know

You really need to know about life insurence for this great offer Be it Whether you’re a new parent, a working spouse, or even an empty nester, life insurance could play an important role in your family’s financial well-being, if the unthinkable happens. Term life insurance is one way to get your family covered without spending a fortune .

on many occasions People often think life insurance is too expensive to afford it, because of other financial priorities, such as paying off debt or saving for retirement. However, depending on your age and the amount of coverage you may really need, term life insurance could cost you less than $1 a day and most times i and my team gives reward.

“mostly consumers have told our researchers who believed they can’t afford life insurance, but when we look deeper, our research showed that many overestimate the cost by as much as 300 percent.

According to LIMRA’s in 2016 “Trends in Life Insurance Ownership” study and LIMRA’s 2017 Insurance Barometer Study:

30 percent of households don’t have life insurance
43 percent of families without life insurance say they would be in immediate financial trouble if a primary wage earner died
20 percent of households with children under age 18 don’t have life insurance
If these sound like you, term life insurance could be a low-cost option to get coverage. Let’s walk through term life and see if it’s right for you.

What is term life insurance?

life insurance covers you for a set period, such as 10, 15, 20 or 30 years, and will pay your loved ones the face value of your policy if you die you are nonody during that time.

So if you purchase a 20-year term, $250,000 life insurance policy, and you die five years later, your beneficiaries would receive the $250,000. The benefit ends after 20 years.

There are many options to consider about life insurance term policies

Shop around for term life insurance
You want to get quotes from multiple life insurance companies, so you get the best rate. Make sure you get the same policy from each insurer. That way you compare the same policies from each company.

You should also check each insurer’s financial stability ratings. You want to make sure the insurance company is reliable and that your family will get what they’re owed in case you die.

Once you confirm the company’s standing and you’re received multiple quotes, you can decide which term life insurance policy is right for you and your family.

Medical exams for term life insurance

A medical exam may be required when applying for a standard term life insurance policy.

what to think about When deciding on how much life insurance you need

  • The services that you provide your family, such as child care
  • Your outstanding debts, such as mortgages, credit card bills and loans
  • Funeral costs
  • How much it will cost to replace your income
  • Long-term financial commitments, such as paying for your child’s college

Once you figure out what your family might need financially, you can start figuring out if you need extras or riders on this insurance policy.

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