ESSENTIAL LIFE INSURANCE FACTS TODAY

If you have a spouse and children and are the main income earner of the family, you do not want to leave them in a position of hardship should anything happen to you. Yet without considering the purchase of a No exam life insurance policy, this is a situation that could become a reality. Here are some things you need to know.

If you need a lot of coverage for a smaller premium, you will probably benefit most from a term life insurance plan. This plan will not build up equity but will pay out a higher death benefit. They do have an ending date though, thus the title “term life insurance.” Make sure you have other plans in place for when this coverage runs out.

To make your life insurance premiums lower you should improve your health. Losing weight, quitting smoking, and exercising frequently are a few things you can do to make you healthier. Those who are in bad health will pay higher premiums, so if you improve your health, your premiums will drop.

When deciding what term to take for your insurance, look at what will need to be done with that money. If your children are newborns, a 25-year term policy will make sure that they are cared for if anything happens to you before they are able to financially take care of themselves. If you have a 30-year mortgage on your home, considering making that your term to protect your home while it’s being paid off.

Buy the right amount of life insurance to cover all your needs. Skimping on life insurance is not a good idea. Term insurance, especially, is very affordable, so make sure you get as much insurance as you need. For a rule of thumb, consider buying Affordable Insurance that equals approximately 6 to 10 times your income.

Using the advice above, you should now be a little wiser as to whether buying a life insurance policy would be beneficial to you and your family. While it may have a monthly cost that seems like an extra burden, is the financial burden your family would face without you not just as much, if not more?

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