The things to think about when you shopping for the
BEST Term Insurance Plan For Your Family, and why!
By Cory Levine
6 Great tips to understanding how to get the best coverage for your family!
Speak to an agent and Analyze your information together.
Our software helps make the proper recommendations!
Match you to a policy that fits your needs
with a price that works for you.
Tip 1:
What Stage of life are you in & how many Family Members need to be protected to Determining Coverage Amount?
Your family members maybe in different stages of life. The financial responsibilities of a single parent are not the same as that of a married couple or one with kids. Determining the amount of should be looked at differently.
Also, keep in mind the future and plan for it!
Tip 2:
Lifestyle, think about maintaining Your Family's quality of life!
While thinking about all your
members now and the kids you might have in the future should be considered. This idea will save you from needing to add additional term life insurance policies at a higher rate because of your age increasing or health, weight, illnesses in the future! Keeping current lifestyle of your family needs to be considered for today and way in the future. What is the amount of funds required to keep the lifestyle they are used to! Now do not forget the nastiness of inflation, this is also something to think about, and plan for it!
Tip 3:
Coverage amounts and the length of the policy for your family’s future needs! Not Just Your Income!
If you are the main earner of the family or both parents are working to support your family, choose a life insurance policy amount of coverage that equals the amount of income required to sustain the everyday bills for your family.
If we have children, we want to also think about bills that will occur later in the life of ours kids. Considering college 10 years down the line. Also, it is smart to consider this when choosing the length a term life insurance policy will expire!
Speak to your agent about a strategy of stacking policy's! Having multiple policies in place. A 10-year term policy stacked with a 20-year term life insurance policy and even a 30-year term life insurance policy is a very smart Insurance Strategy to cover you future needs without breaking the bank on a higher value term life insurance policy for a shorter period of time when considering the price for a life insurance policy.
You will need much less life insurance in 30 years, after your home is paid off and you own all your cars. Having fewer debts down the road to worry about should be considered Having a smaller 30-year term life insurance policy will reduce the policy with the highest rate per thousand! While using the 15 year term life insurance policy to cover all the bills that will be there for college. The same Idea should be applied to the 20-year term life insurance policy, of course, is the most popular choice for people and agents when selecting a length of time for term life insurance policy. This way the family has cash on hand for weddings, grandchildren or helping your children with seed money to start a business! Using This strategy keeps the length of coverage in alignment with the need while keeping the rate lower for the more expensive policy type!
Tip 4:
Add Any Debts You May Have to the Cover Amount
As a family we often have some debt like credit cards, such as short-term loans, personal loans from family, mortgages, and payments for our cars. To stop this from ending up in the lap of our spouse and family, we need to consider these debts and build a policy based on the amounts and the agreed time frames we have chosen to pay off these debts!
Tip 5:
Never Underestimate the Value Of A Stay At Home Parent Like A Wife
Besides insuring the person who makes the most money, always consider Insuring the stay-at-home parent for the same amount if not for more! After losing my wife I could barely function. Agents and insurance carriers will often insure the wife for less than half of the Husband! This is the wrong option. Never undervalue the job of a stay at home parent. Maintaining the home, picking up kids from school and activities. Putting the kids to bed while a Spouse works late, is all undervalued daily activity that affects the income of a family! So always consider the value of a stay at home parent equal or higher than the breadwinner! Without them, you will not produce at the same level!
Tip 6:
Know Which Riders Will Maximize Your Coverage. Do not underestimate this! A quality agent considers these speed bumps that may occur down the road!
Apart from the death benefit extended by a term plan, some plans offer additional coverage in the form of riders. Riders like disability cover, loss of employment cover, waiver of premium cover, can be added by paying a small amount of added premium. Living benefits are important! This will pay you while you are alive and can pay you a percentage of the death benefit! The basic critical or terminal illness Ryder may not be the right one for you! We need to think about the quality of your life insurance policy not just quantity of the zeros. Quality over amount of the premium can be intermingled while considering stacking policies! Therefore, you want the agent who considers this stuff!
If we have children, we want to also think about bills that will occur later in the life of ours kids. Considering college 10 years down the line. Also, it is smart to consider this when choosing the length a term life insurance policy will expire!
Speak to your agent about a strategy of stacking policy's! Having multiple policies in place. A 10-year term policy stacked with a 20-year term life insurance policy and even a 30-year term life insurance policy is a very smart Insurance Strategy to cover you future needs without breaking the bank on a higher value term life insurance policy for a shorter period of time when considering the price for a life insurance policy.
You will need much less life insurance in 30 years, after your home is paid off and you own all your cars. Having fewer debts down the road to worry about should be considered Having a smaller 30-year term life insurance policy will reduce the policy with the highest rate per thousand! While using the 15 year term life insurance policy to cover all the bills that will be there for college. The same Idea should be applied to the 20-year term life insurance policy, of course, is the most popular choice for people and agents when selecting a length of time for term life insurance policy. This way the family has cash on hand for weddings, grandchildren or helping your children with seed money to start a business! Using This strategy keeps the length of coverage in alignments with the need while keeping the rate lower for the more expensive policy type!
Having a heart attack or stroke will hinder your ability to keep your life insurance policy! These riders add considerable value to the basic term plan purchased.
You will need much less life insurance in 30 years, after your home is paid off and you own all your cars. Having less debts down the road to worry about should be considered Having a smaller 30 year term life insurance policy will reduce the policy with the highest rate per thousand! While using the 15 year term life insurance policy to cover all the bills that will be there for college. The same Idea should be applied to the 20 year term life insurance policy, of course is the most popular choice for people and agents when selecting a length of time for term life insurance policy. This way the family has cash on hand for weddings, grandchildren or helping your children with seed money to start a business! Using This strategy keeps the length of coverage in alignments with the need while keeping the rate lower for the more expensive policy type!
Having a heart attack or stroke will hinder your ability to keep your life insurance policy! These riders add considerable value to the basic term plan purchased.
