Trying to figure out all the details of what you want for life insurance is guaranteed to cause a headache. That’s what an experience broker is for.
The fact is that one of the most often asked questions when it come to buying life insurance is very simply how much would the person really need. There is no right or wrong answer to this because in each person’s case, the answer will vary. It really boils down to what’s best for the person who is asking. This is one of the major reasons for someone contemplating buying life insurance to talk to an expert broker who can fill them in on the details they need to make an informed decision.
Yes, a lot of people figure term insurance is the only way to go. And that may be for a vast majority of people, but it doesn’t mean it is applicable in every case. Whole or universal is a good choice for some individuals but in general, term insurance works best for the greatest number of people.
You have to give this matter “some” thought first. So, start with figuring out what kind of lifestyle do you want your family to have if you die? How hard will it hit your family financially? Will your partner continue working? Do you want your family to stay in the same house? Do they really even need insurance to make it without you? These are questions you should also discuss with a skilled insurance broker who will be able to focus your thoughts by providing you with answers to your questions, as well as other variables for you to consider.
So, typically speaking, most people need or want insurance based on what their current financial situation happens to be. Let’s say for instance the person wants to get insurance to meet just a specific need; say, death expenses and a small bequest to a niece or nephew. Both individuals work and take home a good wage and have no children of their own. This person may just want enough insurance to cover debts because the spouse will likely keep working.
Your insurance agent could calculate this for you. It’s just a matter of figuring out the amount of your debt and any other things you want covered, and that gives you the amount of insurance you’d likely want. Keep in mind, you will owe “less” money over the years. At least that’s the plan. So here is how you could handle that: take out a variety of terms – say $150,000 for ten years and then $150,000 for 20 years. These are just examples of course and you’d want to talk this over with your agent.
Remember, you can cancel life insurance anytime, and if you are out of debt well in advance of your schedule, just drop it. There is really no one hard and fast answer to what a person should do, because everyone has different needs. Basically, it’s a matter of making a choice on an amount and biting the bullet.
There are other scenarios to consider, like making sure your kids have a future income, etc. All these are options about which you can talk to your insurance agent. That’s what they’re they for in the first place. They know their products and can explain things to you in plain English without the jargon.
Evan Tunis is with FloridaHealthcareInsurance.com, the leading provider of Florida health insurance quotes. To learn more about Florida health insurance, Florida health insurance quotes, Florida life insurance,Florida life insurance quotes, Florida group health insurance visit Floridahealthcareinsurance.com.