When tragedy strikes, will you be prepared? There have been several unexpected tragedies that have occurred in the past months. And, while it is a tragedy, it is also a reminder of a sad truth: you can never know when the end is at hand. So once again, if tragedy strikes, are you prepared?
You may be young and healthy, and think term life insurance is not a necessary expense for you. After all, you have several decades of life left, and life insurance is expensive. However, you would be wrong. If life insurance is purchased when you are young, premiums are often at their lowest. Not only do insurance companies view you as being a low risk for death, but you are also at the peak of your health, so you are also at a lower risk of being affected by disease and health issues.
In terms of policy length, purchasing when you are young and obtaining the longest term possible is the often the best option. It helps insure that you have collateral coverage for any big outstanding financial debts or purchases (such as a mortgage).
When determining the amount of coverage you need, keep in mind who the beneficiaries of your policy would be. If you are young and single, you may only need enough coverage to pay for your funeral expenses and any outstanding debts you may have. If you are married or have children, you will need enough coverage to replace your income for your family as they adjust to life without you.
Because unforeseen life events can happen at any time, it is important to insure that you and your family are protected against tragedy. Term Life Insurance is an excellent way to make sure that they will be financially taken care of in case tragedy should strike. Before making a decision on what type of insurance you should get and which company you should go through, you should compare your options. Different companies will have different rates based on a variety of factors, include term duration, coverage amounts and risk factors. Going through an independent insurance agency, such as SelectQuote, will ensure that you get the best rates for the policy that most fits your needs.