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Finding Enough Insurance Coverage

When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.


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Finding Enough Insurance Coverage

Life Insurance 101: How To Know If You Need It And How To Save Money On Premiums

by Jason Prescott

The purchase of life insurance is something that many people postpone. Sometimes this delay is due to simple procrastination or thinking that you aren't old enough to need life insurance. Others may avoid exploring life insurance coverage because they feel they cannot afford it until their careers take off. Unfortunately, taking either of these directions usually means paying much higher coverage premiums later in life, or putting off the purchase too long and leaving your family financially adrift if you pass away. If you have not yet purchased life insurance and want to learn more about why you need it and how to make purchasing it as inexpensive as possible, the following information can help. 

Who really needs life insurance coverage? 

While some type of life insurance coverage is typically available to fit most any situation, it is critical for those who have children, spouses, or others who are dependent upon their income to live a normal life. A common mistake made by many is to only insure the wage earner of the family while failing to purchase a generous policy for a stay-at-home spouse or life partner.

Should this non-working spouse or life partner pass away unexpectedly, the family often must struggle financially even though the deceased was not actually earning income at the time of their death. This is because any duties they were responsible for, such as child care, may need to be purchased after their death, taking money away from the family budget. In addition, the deceased's funeral costs and final expenses can also put stress on their family's finances. 

Only those with no dependents who will leave behind no financial burden for loved ones, or those with enough wealth from other sources to compensate for the lack of life insurance, should consider opting out of this important financial benefit. 

How to save money on life insurance premiums? 

Those who have put off purchasing life insurance due to concerns about the cost should know that there are some excellent ways to have this type of coverage for a very affordable price. The first step in getting a great life insurance premium is to make sure that you are healthy, a non-smoker, and at a healthy body weight. Life insurance costs are computed based on risk, so losing those last few pounds or avoiding risky behavior like smoking can result in real savings. 

Another way to save money on life insurance is to choose term insurance over whole life or universal coverage. While term coverage does not allow you to borrow against the policy or build in a savings plan, the monthly premiums are much lower and easier to afford.

To learn more about life insurance and get help in choosing the right policy type and amount of coverage for your situation, schedule a sit-down conversation with a trusted insurance broker in your area.