Death is inevitable.
We always think about death, after all, it is a very real fear in today’s world. Many of us wonder, what comes after death? Is there something after death? Yes.
We are talking upfront funeral and burial costs, mortgage payments, non-federal loans, etc. If you have a family then you want to take a moment to sit down and think about the utility expenses, childcare expenses or credit card balances that won’t simply go away if
Think about what your family needs? What are your fixed expenses? How much do you contribute to your family’s income? How will they suddenly cope with the financial burden without you?
Life insurance can be a good way to plan ahead to easily pay for these expenses. A life insurance policy is a contract where you agree to pay a set of premiums over a period
of time in exchange for a lump-sum payment that will be delivered to your beneficiary when you are no more. There are different kinds of life insurance policies with different
maturing periods ranging from 10-30 years but no matter what kind of option you choose, it is a useful way to provide a safety net for your family. Approximately 40% ofAmericans don’t have life insurance coverage and almost half of the households in the US will undergo a financially insecure period if the primary earners suddenly die.
Adjust life insurance
The course of our unpredictable lives is ever-changing. You may get married, have a child or more, you may get separated or divorced from your spouse, or you may get a
new house. Depending upon each situation, it is recommended to get in touch with your insurance providers to update your insurance plan accordingly. With the right plan, you
can get all the benefits for the right price!
Find out more information about which life insurance policies can be adjusted here.
Get better premiums
Most insurance policies require a medical test. These tests take into account our age, lifestyle, personal and family medical histories to determine insurance premiums personalized for you. The healthier you are, the lesser money you have to pay as premiums because, in all likelihood, you may live a long healthy life, allowing the insurance companies to profit off of you.
So if you don’t smoke, don’t have drugs or any alcohol problems, you might be in for a good ride. By maintaining a healthier lifestyle, you can save quite a significant amount of $$$.
Get insurance earlier
When we think about life insurance, it seems to be an old-people-thing. Would you think of a 30-year-old with life insurance? Probably not. Usually, the reasoning is that: Your thirties are the prime years of your life!
You will be surprised to find that it is not uncommon for people to get life insurance as early as their 30s. This kind of insurance is age-banded i.e. it becomes more expensive
the older you get. Your thirties are when you will be medically the fittest but at the same time, at risk for diseases given our sedentary lifestyle. If you get started now, you get to
pay lesser premiums and enjoy a high payout at the end of your policy term.
So, if you have not paid any serious thought to the idea of life insurance, then you may want to start now!