Purchasing life insurance is an important financial decision. The right one will protect your loved one from financial hardship when you’ve passed. You may have a life insurance policy but are wondering if it’s enough. Here’s what you need to consider when deciding on the best life insurance policy for you.
Policy Length Needed
You have two options when it comes to policy lengths: term life or lifetime. Term life policies provide life insurance for a specific time period. They’re great for those who want to provide coverage while their kids are growing up or throughout the length of their mortgage.
If you prefer to have coverage throughout your entire life, a lifetime policy is best for you. This is a great option for those who want to cover their spouse for the lost income if they were to die. This plan is valid as long as you continue to pay the premiums.
How Much Insurance Needed
Some financial planners will advise you to have a policy that can replace seven to ten years of your salary. You’ll want to keep in mind your expenses that you’ll leave behind as well. One way to do this is to utilize the “DIME” method.
- D- Debt
- I-Income Replacement
Calculating your expenses and speaking to a Carroll County life insurance provider will help you choose the best plan for you and your family. If you do this carefully, your family will be taken care of well after you’ve passed.
With every life insurance policy, you’re required to pay premiums. However, the amount you pay depends on the policy. You may be thinking that the higher the coverage, the higher the premiums. This isn’t necessarily the case. With the right insurance provider, you can get a life insurance policy a lot cheaper than you think. If you think you’re paying too much from life insurance, it may be time to look elsewhere.
The Best Life Insurance Provider
One of the best ways to make sure you have the right insurance policy is to work with a reputable insurance provider, like Freedom Insurance Agency. Since we handpick policies, we’re able to find the best ones for people like you. Getting life insurance isn’t something you should take lightly. Let our knowledgeable insurance agents get you the right policy. Call or contact us today to request a quote.