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First and foremost, to protect your family and those who depend on you for financial support.
All life insurance will provide a payout to your beneficiaries if you pass away, but different kinds of policies can provide other benefits as well. The best way to start learning about your options is by seeing how easy it can be to get that protection.
According to eFinancial, the cost of a 10-year, $250,000 Term Life insurance policy is typically between $15 and $17 per month for a healthy 40-year-old.
While a few uncontrollable factors like your age and gender can increase or decrease your rate, the average cost of life insurance can generally be affordable. Other controllable factors, such as whether you smoke or avoid certain risky activities, may also affect your life insurance price.
The amount of coverage you need depends mostly on where you are in life and how many people rely on your income. In general, the younger you are, the more coverage you'll need to compensate for the years of potential wage-earning ahead of you.
And the more people depend on you, the more coverage you may want for income replacement if you die. However, you don't have to factor in taxes: almost all life insurance benefits are paid out as an income tax-free lump sum.
You should look out for a few things when getting a life insurance quote and buying a policy.
One mistake is buying the wrong kind of insurance for your circumstances. For example, someone in their 20s or 30s who purchases a term life insurance policy may find that their policy expires while they're still alive, so their beneficiaries receive no death benefit from the policy.
Another common mistake is not buying enough coverage, so the death benefit paid out to your beneficiaries ends up being too small to cover their needs.
Waiting too long to buy a life insurance policy can be another costly mistake, as life insurance quotes and costs are generally higher for older buyers.
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We understand, choosing a life insurance policy can seem a bit overwhelming.
If there’s one thing the life insurance industry is guilty of it’s producing an abundance of choices.
But in this case, there’s good reason: Everyone’s needs, goals, and preferences are different, and we want to help you find a policy that meets your specific needs and expectations.