You Can’t Afford Not to Have Life Insurance

“I have a mortgage, college tuition and retirement to save for; we can’t afford life insurance.” I have heard that remark many a time during the course of my career selling life insurance. While I can certainly understand how the person feels; the reality, rather than the perception, is that this person actually can’t afford to “not” have life insurance.

In fact, if you set up your insurance the right way, get it early on in life (when the premiums are less), it will act to protect the family you will most likely have later in life. In most instances, life insurance isn’t just about the person buying it, but about their future; a future that generally includes loved ones who would be devastated if this person died and they were unable to cope financially.

Let’s discuss term life insurance, as it happens to be the least expensive kind of life insurance you can buy. You could even get a cheaper policy, provided you are completely aware of just exactly what you’re buying. That’s always the one thing you “really” need to know – what am I getting in this life insurance policy? Find out now, and save the hassle of a nasty surprise later.

If you opt for term life, this means you buy the policy for the number of years you want; e.g., term life policies range from 5 to 40 years based on how old you are when you buy your policy. They’re remarkably straightforward. You pay your premiums and if you die during the term of the policy, the full face value is paid out to your beneficiaries, unless you die under suspicious circumstances.

Check this out by talking to an expert life insurance broker. There are several term insurance policies with clauses that add money to your premiums. You read that right – add money, although, you might not want to pay extra for these benefits. The thing to understand is that you have options and choices when you go to buy life insurance.

You could ask for a benefit that doubles if you die in an accident; have benefits for acts of warfare or even suicide. In other words, you can have just about anything you want, provided you are willing to pay a higher premium. Beware though, some insurance companies will just add these benefits and you get the bill without being told what is in your policy. Hint: always read what is in your policy “before” you buy it. Declining various options may save you money.

Don’t waste your money on short term policies if you are young. Why? Because if you buy a short term ten year policy at the age of 25, you will be only 35 when the term runs out. Statistically speaking, your chances of dying are minimal, and buying a short term life insurance policy like this may be a waste of money for you. This is one of the reasons you need to speak to an expert insurance broker. Chances are you will have more value with a longer term policy.

At all costs avoid insurance companies that sell what we call “boiler plate policies.” This means that no matter who you are or what your medical issues happen to be, no one is turned away and everyone pays the same price. You will also be paying a much higher premium to cover for those individuals who have medical problems, but aren’t checked.

If you want quality, honest answers, and an insurance broker who tells you straight like it is, do your research online and make some calls. You will be glad you did.

Lesley Reuben writes for Life Insurance 2.0. To learn more or to compare
life insurance quotes, compare term life insurance, or get an instant life
insurance quote, visit http://www.lifeinsurance2o.com