When you’re shopping for life insurance coverage, it’s vital that you get the insurance protection that your family deserves. There are several key categories that you’ll need to look at to ensure that your family is getting the protection that your family needs.
Getting life insurance is vital, but it’s also essential that you get the right kind of coverage and the perfect amount of life insurance protection. There are several types of plans that you’ll need to compare before you decide which one you are going to buy. Each type of policy has different advantages and disadvantages.
At LifeInsuranceForAccountants.com, we know that shopping for life insurance is not a fun experience, but we are here to make it as simple as possible. It’s our mission to ensure that your family has the life insurance protection that they need.
This article is going to look at the different numbers that you should look at before you apply for any life insurance protection. Hopefully, this post should answer any questions that you have about life insurance, but if it doesn’t, please feel free to contact one of our agents at any time. We would be happy to answer those questions for you.
Look At All of Your Debts
The first number that you should crunch when you’re shopping for life insurance is your major debts and expenses that your family would be responsible for if something were to happen to you. The first goal of your life insurance protection is to give your family the money that they need to pay off all of the bills left to them.
Losing a loved one is never going to be easy, but being left with a mountain of debt is going to make the situation that much worse. Make sure that your life insurance coverage is large enough to give your family the money that they need to pay off all of your bills.
How Much Is Your Paycheck
The next number that you should look at is your annual income. The secondary goal of your life insurance is to give your family the money that they need to replace your paycheck if something tragic were to happen to you. If you’re one of the main sources of income in your house, your loved ones will struggle without that source of money.
Your life insurance policy should be large enough to replace your salary without your family having to sacrifice their standard of living. Make sure that your life insurance coverage is at least large enough to replace your income for several years.
Will Your Kids Go To College
Not only should you look at your current debts, but you should also consider your future bills that your family will run into. You can’t predict the future, but there are some bills that you know they are going to have to pay.
One of those expenses that you can plan for is college tuition. If you have children that you expect to go to college (and we’re sure you’re hoping that they do), then your spouse would have to pay for those expenses with only one income. Be sure that you crunch the future bills that your family will encounter, planning a head can save them a lot of financial struggle.
The Cost Of Your Funeral
One factor that a lot of our clients forget to account for is the cost of a funeral. While you may not realize it, a funeral can be costly. In fact, the average funeral costs around $10,000, which can be difficult for a grieving family to cover. Your life insurance plan should give your loved ones the money that they need to pay for your burial without having to drain their savings account.
Getting Affordable Life Insurance
One of the most notable numbers in the life insurance search is how much you’re going to pay. When we talk to clients, everyone wants to know how much they are going to pay every month. One of the most common reasons that people don’t have the insurance coverage that they need is because they assume that their plans are going to be too expensive to fit in their budgets. In most cases, that couldn’t be further from the truth. There are several ways that you can ensure that you’re getting the best rates available.
One of the easiest ways to get lower insurance rates is to cut out any tobacco that you currently use. If you’re a smoker, then you’re going to be facing much higher premiums for your insurance protection. In fact, smokers are going to be charged at least twice as much for their insurance plan compared to a non-smoker. With some companies, smokers are going to pay three times as much. Quitting smoking can save you thousands of dollars every year.
The best way to ensure that you’re getting the lowest insurance plan is to compare dozens and dozens of policies before you decide which one fits your needs the best. Every insurance company is different, and you’ll get drastically differing premiums depending on which company that you get the quote from. Finding the perfect company is the difference in getting an affordable policy or paying for a plan that breaks your bank every month.
Instead of wasting hours and hours calling different companies, let one of our independent insurance brokers do all of that hard work for you. Unlike traditional insurance agents, we work with dozens of highly rated companies across the nation, which means we can bring personalized life insurance quotes directly to you. Don’t wait any longer to get the life insurance coverage that your family deserves.