It's best to consider the financial dependencies and individual need of your loved ones when shopping for life insurance. Why? Your life insurance policy's death benefit should be able to cover their financial protection, such as paying off debt, mortgage, credit cards, loans, auto insurance, health insurance or possibly to fund their inheritance.
Final expense insurance is typically used to cover burials and other end-of-life expenses. Typically, this insurance is affordable and easy to qualify for.
Permanent Life Insurance
If you're searching for a policy to last your entire lifetime, can grow in value overtime or to leave an inheritance for someone, you may want to consider either whole life or universal life insurance. Because these types of policies never expire, they tend to be more expensive.
Term Life Insurance
If you have people who rely on your income and you're looking to provide financial protection, for example until your children or grown or until you retire, term life insurance may be the right option for you.
Term life insurance allows you to choose your coverage term length, which is usually anywhere from 5 to 30 years. Unless you convert your term life insurance to a permanent policy, once the term has ended the policy is expired and you no longer pay for your coverage.
How Much Coverage Do I Need
In order to choose the kind of life insurance you need, it's imperative to know your budget and to understand your loved ones' needs and financial situation. Ask yourself: "How long will they need financial support?" "How much life insurance do I need"?
The most affordable type of life insurance is a term life policy. The premiums are less expensive while offering a higher face value amount. Out of the options you qualify for, you will just need to choose your term length.
If your loved ones' situation requires financial support long after you die, permanent life insurance may be the better option if your budget can afford it.
If you're unsure of which policy makes the most sense, consider these questions:
Do you have a spouse or partner that relies on your income?
Do you have children or other family members who rely on your income?
Do you have enough funds saved that can financially assist them in the future?
Do you pay for child care?
Do you pay for your child's care or education?
Do you or will you need to pay for your child's college tuition? For how long?
Do you have a mortgage? when will it be paid off?
Do you plan to pay for your end-of-life expenses? How much?
Compare Life Insurance Quotes
By getting an online quote, you can compare all of your options at once and choose the policy that best meets your needs.
You can Request a Quote online with EGGRS top-rated insurers. It takes less than 15 minutues, start to finish, with no agents and no exams and no pressure. Once your application is submitted, you will receive your quotes instantly. Click below to get started!