Term Life Insurance - 3 Things to Consider When Buying...

Life Insurance

What better way to start the new year off right than by finally putting your term life insurance in place. The new year gives us that blank slate to look back and see what we did or didn’t accomplish last year, and help us make the commitment to make changes. So let’s take a look at some of the road blocks that might be stopping you from finally putting some term life insurance in place.

The first one is usually trying to figure out how much you should have. The simple answer is most people want to cover their mortgage and their kids college education, but what about the loss of income? If you pass away early think about the potential loss of earnings you would have had over your lifetime to assist your spouse and family. So remember never to buy too little if you’re trying to replace your income.

The second is don’t wait too long! Make the commitment now because every day that you wait you leave your family vulnerable if something unexpected should happen to you. Term life insurance premiums will increase as you get older so purchasing early will save you money in the long run. Also, the older we get the more we are at risk of having our health change.

One of the last things to consider is the length of the term. Always look for a longer policy versus a short one. You might think your saving some money by going for a shorter term period, but the reality is the quicker the policy is up, the faster you’ll have to re-insure yourself and as you get older, this will be more expensive.

So start the new year off right and finally check owning life insurance off of your to do list. Once in place, you can head straight into the new year with confidence and peace of mind that your family is protected against a tragic loss. 

About the author: Mark Yurkovic has been in the life insurance business for over 12 years, and holds CLTC, LUTCF, and CES designations. He enjoys building remote control boats, and playing instruments including the piano, guitar, banjo, and mandolin. Mark would love to discuss life insurance options and work towards finding the best policy fit for your family. You can contact Mark at 1-800-651-1953 or MYurkovic@Pivot.com