Life insurance is insurance that financially protects the beneficiaries of the insurance policy, typically immediate family members of the policy holder, upon the death of the policy holder. People often wonder who actually needs life insurance and the best way to answer that is with another question: who doesn’t need life insurance? Of course unless a person has no immediate family dependent upon him or her for financial provision, it is advisable for most people to have at least some life insurance.
Essentially life insurance aims to provide financial security to surviving members of your family after you pass away. Therefore, it is important to consider your budget and financial situation in conjunction with the standard of living that you want your family to be able to maintain after you are gone in order to determine how much life insurance you should purchase. There are a number of factors to take into consideration such as medical and funeral expenses, relocation costs, and ongoing expenses such as mortgage or rental payments, car payments, and children’s education costs.
There are a number of different types of life insurance including term, permanent, and whole life insurance.
When deciding on a life insurance policy to purchase it is important to keep a few things in mind in order to ensure that you are getting the right policy for you and your family. First and foremost, when working with an insurance agent, be sure that they are able to thoroughly explain your options and why those options would be right for you based on your finances and standard of living. It is also a good idea to get quotes from multiple insurers in order to be able to fully weigh your options. Additionally, while you certainly want to buy sufficient coverage be sure you do not purchase what you don’t need. In other words, don’t “over buy”. Extra “bells and whistles” in your policy that don’t need to be there can raise your monthly premiums to the point that they are unmanageable. No one ever wants to have to use life insurance because no one wants to leave their loved ones before their time. But if it does happen, it is important to ensure that they will be taken care of well into the future.
Give Ankley Insurance Services a call today to help you find a Life Insurance plan that best fits your needs and your budget.