Life insurance is something that many families want to take advantage of in order to ensure their loved ones are taken care of once they are gone. That being said, knowing how to find life insurance, and how much you need can be a really overwhelming process. Thankfully, there are processes in place these days to make finding affordable life insurance online easier than ever!
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Understanding Life Insurance
One of the biggest hardships that a family can go through is the loss of a loved one, especially if that loved one is a financial provider. When people are going through the loss of someone they love, the last thing they want to think about is money.
While the last thing most family’s want to think about during a loss is the financial aspect of the things, the truth is, there will be a lot of financial issues to navigate. Not only will there be funeral costs up front, but the matter of making sure bills are paid, and that all family members are provided for is also an issue. That’s where life insurance comes in.
Once you understand how having life insurance in place can benefit your family, the next question becomes, how big of a life insurance policy should you have? Use this life insurance calculator to find out.
Know Which Life Insurance Policy Works Best for You
What many people don’t realize is that there are 2 main life insurance policies you can sign up for. Each one has their benefits depending on the type of coverage you require.
Term Life Insurance
A term life insurance policy will keep you you for a specific period (usually 20 years) and is generally more affordable. This can be perfect for people whose main focus is to cover their family financially in case of their unexpected death.
These types of policies are often recommended for people who are actively working to invest and plan for retirement. If you are currently building a nest egg for retirement, there is a good chance that in 20 years you won’t require the additional coverage life insurance can provide.
Permanent Life Insurance
Permanent life insurance coverage is different from term life insurance due to the fact that it offers lifetime coverage. It’s more expensive than term insurance, but might be suitable in some cases.
Again, knowing how much you need can give you a better idea of which type of coverage you should sign up for. Calculate your policy requirements here.
Do Your Research
No matter what, be sure you are doing your research to ensure that you are getting the most coverage you can for the most affordable price. If you already have an insurance company for your car or home, getting a quote from them may be a good place to start as they can often times bundle and save.
Everyday Life is one of the most affordable online insurance companies with average costs at just $15 per month. The best part is, you can apply online with no medical exam and have 30 days to cancel your policy if it doesn’t end up being a good fit for you. Use the Everyday Life calculator to get an estimate.
Keep Your Health in Check
Most life insurance companies can keep your rates lower if you are in better health. That’s why people like non-smokers, those at a healthy weight, and otherwise healthy individuals often get better rates. Some places will have you go through a medical examination to ensure you are in good health, while places like Everyday Life allow you to apply by only answering a few basic health questions.
If you are hoping to get the best price on life insurance, taking the time to make even the smallest shifts to your health can have a drastic improvement.
Shift your policy when needed
Like we mentioned, a term life insurance policy is often beneficial because as many people reach the end of their 20 year term, they have paid off their home, raised their children and built a retirement fund. When this happens, these people require less money to live on, therefore rely less on a hefty life insurance policy.
As you go through major life transformations like paying off your home, it might be a good idea to reevaluate your life insurance policy to see if you can get a lower rate with a smaller payout.
The sooner the better
Life insurance is usually more affordable the younger and healthier you are. If you’re considering wanting to partake in life insurance, don’t hesitate.
Do your research, find a company and rate you trust and get signed up! Be sure to ask questions about any potential hidden fees or potential rising costs. Use the Everyday Life calculator to see what you could get started for today.