So you already know you need a policy, but what do the financial experts have to say about why you need one and the types of coverage available? Check out this life insurance advice from leaders in the financial industry. Then get on with your application!
Suze Orman: “The only reason you need life insurance is if anyone is dependent on your income. That can be kids, a spouse, a partner or an elderly parent.”
If you think about it, many individuals have someone who is dependent on their income. So most people have an excellent reason to choose a term life insurance policy. With term life insurance, you can ensure that your loved ones receive benefits if something were to happen to you.
Having a term life insurance policy means that you get access to the most inexpensive type of coverage available. You also get peace of mind from knowing that your family members will be taken care of in the event that you were to pass away suddenly. Think carefully about all of the people who are currently dependent upon you.
Dave Ramsay: “If you wait too long to buy life insurance, you leave your family vulnerable if something unexpected happens to you. Term life insurance premiums generally increase as you get older, so buying sooner rather than later can save you money.”
The most inexpensive type of life insurance coverage can be obtained when people are young and healthy. Unfortunately, most people put off the prospect of buying term life insurance because they believe they do not need it while they are young.
The longer you wait, the more likely you are to face skyrocketing premiums. If you contract multiple health issues, gain weight, or represent some other kind of risk to the life insurance carrier, your premiums can increase significantly. You could even be denied coverage. It is far better to lock in term life insurance coverage now while you are young and healthy.
Sean Dudayev: “If you feel like you can’t afford life insurance that is the best reason to get it. If you have a hard time keeping up with all the bills, imagine what position your family will be in without you. It’s simply irresponsible to not have protection in place.”
Generally speaking, you will never be as young or as healthy as you are now. Usually, securing a policy as soon as you can is the best bet. If it’s hard for you to afford a policy, make sure only to get what you need. Some people like to get more or less coverage than is required. However, getting more coverage than you need can result in your policy lapsing later due to high premiums.
Stick to what your family will need to move on without you. Life insurance is more affordable the younger you are, so buying a policy now assures that you get the best rate. Doing so also prevents you from being ineligible due to illness later.
David Bach: “It’s common for executives to have a will, some life insurance, some disability and to begin retirement planning although these were put in place years ago in much different circumstances.”
It’s important to remember that when you take out a life insurance policy, you should evaluate your needs on a regular basis and determine whether or not your policy is still meeting your goals. For example, as your family grows, you will want to update basic information, such as beneficiary designations. You might also choose to enhance your coverage as a result of having greater financial obligations as you grow.
Make sure you regularly assess your needs by talking to your independent insurance agent. This habit will help you make sure you’re always working towards your goals and that all your life insurance policies reflect your needs.
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