The unpredictable economy and stock market makes retirement planning a stressful event. Many Americans prepare for life after retirement but few want to discuss life for their families upon their unexpected passing. The truth is having insurance is as important as having a retirement account. However, sometimes it not that easy to know just how much coverage does your family really need. Before you get more free life insurance quotes, here is some information you can use to make a better buying decision.
There are various types of life protection. The most common are home insurance, auto insurance, and health insurance. Due to life insurance not being required by the state, many people do not make a purchase. There are two personal life coverage policies: term and whole life insurance. Whole life insurance last until the policyholder passes. Term insurance is valid for a specific amount of years. There are great benefits with each option. However, most people typically choose Whole life insurance. With this type of insurance plan you can borrow against the policy. It has a cash value benefit built in.
When considering just how much insurance you may need consider these factors:
- Your years of Age
Premium rates go higher as you age. If you are younger and are just starting to save, term life insurance may be suitable for you. It is offered at a limited period of time and rates are low.
- The age of your spouse and your children.
This will help estimate how much insurance they are going to need as they grow older.
- Debts
Debts are inevitable. You are always going to need help in paying them. Mortgage debts, car and home loans, health insurance, or family, business debts should be included in your insurance. So that your family will not have a hard time paying the debts you have left unpaid.
- College expenses
College tuition grows each year. It is important to estimate what your kids’ college expenses would be.
- Funeral costs
The average funeral costs about $6,000. There are different rates if you want burial or cremation services.
Keep these things in mind when you are ready to purchase. There are a few types of life protection that offer cash value. The premiums are higher each month.
If you have questions regarding term life insurance or whole life coverage, let Blue Sky Coverage help you decide which policy will work best. Call us today to get more information for your life insurance needs.