$2.17 for Children or Grandchildren
Things To Remember When Buying Life Insurance
When considering the purchase of life insurance it’s possible you may think you don’t need it until you’re older. Unfortunately, that can be a costly conclusion. Life Insurance rates are typically less expensive the younger you are. As you get older, you could develop an illness or disease, or a hazardous occupation that can make you uninsurable to most companies.
When people look for insurance, it’s easy to underestimate the amount it will cost to replace their income if something happens. Evaluating your financial needs helps to provide your family with the money they need to survive. Accurately count what you need by adding together the cost of a funeral, mortgage, credit card debt, income replacement and any other debt that you may have.
Be sure when investigating life insurance policies, you compare prices as well as companies. Check the company’s financial stability by reviewing their rating with the Better Business Bureau and independent insurance analysts. Review what life insurance products they offer and what options they make available.
For your family to have the financial support they need, you must let the insurance company know your health history. Withholding your health history runs the risk of claim denials because you may not have been insurable had they known about your health history during the application process. However, many companies have policies that accept all kinds of people with varying health histories. The important thing is to tell the truth and look for the right company that fits your needs.
Once you get your policy, you’re not quite done. As time goes by, your needs may change. You may have accrued more debt, which means you may need to increase the amount of your life insurance policy. You might purchase a new home, have kids, have grandkids or lose employer-provided life insurance from a previous job. As your needs change, you need to consistently review your life insurance benefits.
There is also a common misconception about life insurance. Most think life insurance companies will only issue you one life insurance policy for the coverage you need. If you need more, you must increase that policy. While it is easier to have one policy with all the coverage you need, it is possible to have multiple policies, but you must pay the premiums on all the policies to keep them in force. You can also have life insurance from your employer, for example, and then get additional life insurance from another company to supplement your existing coverage.
Having multiple policies also allows you to have different types of life insurance policies, such as having a whole life insurance policy and a term life insurance policy. You may need both policies based on your current situation. A whole life policy can be good for your long-term needs or a term life policy can be beneficial for recent debt you may have accumulated like a new credit card, car loan or student loans. You can also get accidental death insurance to cover something unexpected that may happen.
You have options when it comes to affordability. When you need more coverage, you may consider taking out an additional policy instead of increasing your policy. Premium rates can fluctuate based on many factors. Depending on your circumstances, it might be less expensive to have a new life insurance policy rather than increasing your existing one. This still gives you the coverage you need at a price you can afford.
You might also be interested in...
- 6 Foods That Feed Your Brain
- 6 Things To Give Up This Year
- 7 Common Relationship Deal-Breakers
- 7 Facts Women Should Know About Heart Disease
- When You Already Feel Like Giving Up On Your Resolutions
- Amazing Tips To Help You Get Through Allergy Season
- Anti-Aging Tips And Tricks
- Are Protein Shakes A Healthy Choice?
- Are We More Stressed Than the Rest of the World
- Are You Ruining Your Relationship
- Are You Socially Awkward?
- Attitude Of Gratitude
- Beating Work Burnout is Easier than You Think
- Benefits Of Yoga And Meditation
- Beware Of Relationship Killers
- Big Cities Surprisingly Great for Outdoorsy People
- How To Boost Your Self Confidence
- Can Saying You’re Sorry Save Your Life?
- Can White Wines Be Healthy Too
- Changing Careers In Your 40s
- Divorced, But Are You Ready To Start Dating Again?
- Do You Fight Like Other Couples?
- When you don't have a green thumb
- 8 PreWorkout Meals To Maximize Results
- Financial Benefits Of Co-Habitation vs Marriage
- Financial Tips To Follow During And After Divorce
- Five Ways To Lead A Regret-Free Life
- Why Your Friends Should Be Jealous If You’re 30-Something And Single
- Can A Full Moon Really Affect People?
- Getting a Life Insurance Quote Without Getting a Medical Exam
- Health Benefits Of Almond Milk
- The Health Benefits Of Avocado
- Health Benefits Of Cinnamon
- How To Choose A Multivitamin?
- How To Make The New Year The Best One Yet
- How To Prepare For Your Next Interview
- Is a Co-worker Making You Hate Your Job?
- Is The Ketogenic Diet Safe?
- Is Music The Antidote For Depression
- Is Your Diet Making You Feel More Stress?
- How To Keep Your Facebook Safe From Scammers
- Life Insurance Companies Offer Protection
- Living With Fibromyalgia
- How To Look Better Than Ever At 40
- More Big Cities Surprisingly Great for Outdoorsy People
- Natural Remedies For Acid Reflux
- No Medical Exam Life Insurance: Only a Few Y/N Health Questions
- 10 Olympic Sports That Didn’t Make the Cut
- Outrageous Facts about U.S. Presidents
- Ovarian Cancer--The Silent Killer
- Overcoming Frustration
- How To Get Relief From Credit Card Debt
- Is There A Risk of Heart Disease Due To Drinking?
- Shocking Food Facts that May Change the Way You Eat
- Sick Of Running? 5 Cardio Routines You Should Try Instead
- Smart Tips for Getting Paid What You Really Deserve
- Strange Laws You Don't Even Know You're Breaking
- The Singles’ Guide To Life Insurance
- Things To Remember When Buying Life Insurance
- Top 5 Things You Need To Know About Life Insurance
- Top 6 Factors That Destroy Your Credit Score
- Top Ten Health Tips For Active Women Over 50
- Treating Menopause Symptoms With Alternative Medicine
- Want To Know How Your Interview Went? Think Of It Like A First Date…
- What Every Woman Should Know About Breast Cancer
- What Is Ruining Your Workout
- What Most 30–Somethings Wish They’d Known in Their 20s
- Whats Really To Blame For Your Bad Mood
- Why You Keep Overeating and How to Stop
- Why You Need To Talk About Life Insurance
- You Can't Afford to Believe These Women's Health Myths
- 5 Plants To Keep In Your Bedroom
- Five Simple Ways To Protect Your Retirement
- The Best Ways To Cover Gray Hair
- 5 Hidden Causes Of High Blood Pressure
- 10 Steps To Get Through The Holidays Stress-Free
- 5 Ways To Break A Bad Habit
- The 5 Benefits Of A Veterans Home Loan
- Top 5 Prevention Tips For Heart Disease And Stroke
- 5 Surprising Facts About Low-Carb Diets
- 7 Ways To Live A Happier Life
- 6 Tips To Be More Productive
- 7 Steps To Help Someone Who Is Grieving
- 4 Reasons Why Your Diet Resolutions May Be Counterproductive
- Deciding On Braces After 40
- Why A Massage May Be Helpful For Back Pain
- How To Have Self-Compassion
- How To Stay Productive When You Don’t Feel Like it
- Foods To Eat When You’re Feeling Stressed
- How Helping Others Can Make You Happier