WHY DO I NEED LIFE INSURANCE?
If you can't think of at least one reason then you don't really need life insurance. If you have a family that is dependent on you, then it is of vast importance to consider getting some. Now the question is when is the best time to buy life insurance. The answer to that question is NOW ! Firstly the cost goes up as you age. Secondly, life is unpredictable. Where would your family be if you died tomorrow without any life insurance coverage. Not only would your family have to deal with your death, but their uncertain future as well.
Questions you should ask yourself: What debt needs to be covered and how much will my family need to maintain their lifestyle.
There are two basic types of life insurance plans- Term life and Endowment life insurance. Term life insurance is cheaper than endowment life insurance. Term life is a pure risk cover plan.Premiums cover only the mortality of an individual. Not only does an endowment policy cover mortality, there is also a saving component involved over the life of the policy. Because an endowment policy covers both mortality and savings, the premium charged is greater than a term life policy. A term life policy works out to approximately 87% cheaper then an endowment policy. It is recommended that people take the amount saved by buying term and investing in funds with a better return than an endowment policy.
There are as many variables in life insurance policy types as there are life insurance customers. Everyone has different needs and you should do your homework on what type you need, how much you need and consider what will fit into your budget. To receive your five no obligation quotes click on the banner below.The article above is for information purposes only. For a more detailed idea about life insurance consult an agent.
