Overwhelmed by the Cost of Life Insurance?
Have you ever felt overwhelmed when shopping for life insurance quotes? You’re not alone; many people who haven’t viewed life insurance premium quotes before, may feel the same way. There are many factors to consider when trying to sort out your needs, calculate term length and coverage amount.
I have some suggestions to help you determine the right life insurance fit for your financial situation. These include; prioritize the most important expenses and debts that you will need covered, as you will have to determine the amount of life insurance that is necessary. For example, the income replacement calculator tool will typically generate a suggested highest amount of life insurance needed. Consider reducing the years to cover the most critical period, such as the years until your youngest child reaches age 22 or until your mortgage is paid off. Think about the most important needs you want to provide life insurance for; pay off the mortgage, pay off debts, provide for final expenses and funeral expenses, education costs or income protection for a limited time to help with the transitional period due to the loss of your income.
You can also try choosing a lower face amount of life insurance and a shorter-term duration to find a more affordable premium. As your expendable income may change in the future, you can reassess your needs and life insurance policies to either add another policy or consider replacing the original after evaluating the pros and cons. When your lifestyle changes, this should prompt a review of your coverage. Examples of changes could be; employment promotions, salary changes, marriages, birth of a child, children attending college, children leaving home, purchase of a new home or second home, debts and estate planning.
Many people state that the cost of life insurance is the primary reason they don’t have adequate life insurance. Purchasing some life insurance today that you can afford is better than not purchasing any life insurance. The saying, “A half a loaf is better than no loaf at all” is very appropriate when thinking about securing life insurance coverage. Don’t be overwhelmed by the cost of life insurance.
About the author: Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best life insurance option, contact Ken at 1-800-651-1953 or KBuccico@Pivot.com.