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Most people say family is #1 and yet they only have coverage for their home and autos. What about the coverage that matters most?
Life insurance. It's a fact.
Just the thought of a conversation about life insurance can leave a person feeling uncomfortable. Many of us think it's something we can't afford, or just something we don't need. We would rather avoid even talking about it. All of this could not be further from the truth. There are many types of life insurance policies. Those with death benefits as well as living benefits. Some are more costly, while others are extremely affordable. Every family has different needs. A family with a single income earner as opposed to a family with two would most likely need more coverage. If you want surviving family members to be able to have the same standard of living and not be drastically affected in your absence, life insurance is the answer. Life insurance also has other uses. The right policy can be used as an investment tool for retirement and other long term cash accumalation goals, as well as estate planning.
Life insurance types.
Term Life- A term policy is designed to provide low cost life insurance protection for a predetermined amount of time(e.g. 5, 10, 20 or 30yrs). Term insurance is popular for protecting mortgage obligations, loans, and outstanding debt, whether personal or business. With some insurers you can lock in coverage with a term policy while having the option to later convert to Whole Life when finances are available.
Whole Life- Also known as permanent insurance. This type has a higher cost then Term Life. Average policy length is to the attained age of 100. This policy can be used as a investment vehicle where part of the premium may go towards a savings account that can be used at the insured's discretion. This would be the living benefit. Premiums are fixed throughout the life of the policy.
Universal Life - Similar to Whole Life in that part of the premium may go to a savings account. This type of insurance can be flexible in the amount of insurance coverage you have, as well as the premiums you are paying. The coverage amount, premiums, and savings account option can be adjusted by the client. This type of insurance is good for someone that may have changing needs.
Life insurance policies can range from as little as $10,000 death benefit into the millions. A good life insurance agent, life insurance representative or financial planner will complete a "needs analysis" in assisting you to determine how much life insurance coverage you may need. A "needs analysis" will walk you through the cost of a complete life cycle starting with the present. Items discussed are debts, income replacement, home mortgage, education, family needs, lifestyle and funeral expenses. A properly demonstrated needs analysis will leave nothing out and you will have a very good blueprint on what to expect in the future.
Whole Life- Also known as permanent insurance. This type has a higher cost then Term Life. Average policy length is to the attained age of 100. This policy can be used as a investment vehicle where part of the premium may go towards a savings account that can be used at the insured's discretion. This would be the living benefit. Premiums are fixed throughout the life of the policy.
Universal Life - Similar to Whole Life in that part of the premium may go to a savings account. This type of insurance can be flexible in the amount of insurance coverage you have, as well as the premiums you are paying. The coverage amount, premiums, and savings account option can be adjusted by the client. This type of insurance is good for someone that may have changing needs.
Life insurance policies can range from as little as $10,000 death benefit into the millions. A good life insurance agent, life insurance representative or financial planner will complete a "needs analysis" in assisting you to determine how much life insurance coverage you may need. A "needs analysis" will walk you through the cost of a complete life cycle starting with the present. Items discussed are debts, income replacement, home mortgage, education, family needs, lifestyle and funeral expenses. A properly demonstrated needs analysis will leave nothing out and you will have a very good blueprint on what to expect in the future.
Summary.
Most agents and insurance companies have set coverages that they will present to every potential client on the first quote. You may find that some companies will quote you the lowest amount of coverage possible to keep the cost low, hoping you only look at the premium and nothing else. Others may quote you the highest coverage limits available. With this strategy they could be hoping you are overlooking the cost by how much coverage they are offering. You can have too little coverage, but at the same time you can have too much. Probably better to have the latter in a bad situation. Everyone's needs are different. Sometimes having the coverage we need can be costly. Most likely, more than we initially had in mind to spend. QuoteClicker's goal is to be able to assist our customers in getting muliple quotes from the nation's leading insurance providers. This is a service we offer for FREE to our customers in search for insurance. By having multiple quotes, you are able to evaluate all of them and make sure that you are not only getting the proper amount of coverage for you and your family, but also making it affordable at the same time.
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