21 Mar The Least You Need to Know About Life Insurance
Some things to consider when looking into health insurance in the South Florida Area.
In an article found in US News February of 2014, the author made a point of it to express the number of households that either didn’t have enough life insurance or who didn’t have it at all. The research they compiled their article came from a Market Research Association that was studying life insurance coverage and individuals from Gen X and Y. Out of the 30 million households surveyed 1/3 of married women didn’t carry coverage at all. Since we don’t live forever, and chances are that the large number of people that haven’t taken a policy is a deep gap we are highlighting the very least you should know about life insurance that may help those of you thinking about this important step.
Budget: Consider how much you can afford to part with each month. Compare prices with other companies. Just make certain you’re shopping apples to apples and not apples to oranges. Have a clear understanding of what the dollar amount you’re spending is versus what you’re getting for that money. After you’ve made that clear, then place your future second.
Needs: What are your needs? What life changes are you expecting? How will economic growth contribute to your decisions and outcomes? These are all very important questions that need to be answered before you sign the dotted line. If you have a household of four then make sure your agent is counting the number of people in your family that could be affected by your policy, should something less fortunate happens.
Economic growth is something many people tend to overlook, until a national tragedy happens. We continue to build our nation’s economy long after things like Nine-Eleven and the housing bust that happened in 2012. People cutback during times of financial stress. Your life insurance policy should be one of the last things to eliminate. Stressful times can lead to deeper tragedy, having peace of mind can alleviate some of the financial difficulties during troubling events.
Contemplating the future is sometimes tough. If you have a son or daughter going away to college, or think you’ll be getting a divorce these are all contributing factors you should consider when taking out a life insurance policy.
Lastly, evaluate the future of your policy. Make sure you fully understand what the parameters are before slinging ink with your agent. Ask if there are renewal fees and how much they are, what do you need to know about continuation of the policy and how the future may affect the outcome.
Comparison shopping can be tricky. Hire an attorney to look over the policies that you are most likely considering. They can read your ideas the best and can recommend things like a will to help the process move along when it’s needed. Once you have all the facts, then do your shopping. By doing your due diligence, you’re be taking a more pro-active and less passive approach.
The reality we’re faced with is that this is a necessary process and an event that can make your life better as well as those around you. There will be less scrutiny and more peace among your loved ones the more you and they understand life insurance.