Choosing life insurance can be a daunting process. There are many different types of life insurance policies offered by countless companies and agents. On top of that, buying a life insurance policy can be confusing and intimidating.
The good news is that there’s no need to panic. As a trusted independent insurance agency we would like to provide some tips to help guide your decision-making process:
Before searching for life insurance, it’s essential to understand your options. You’ll also want to consider how much coverage you need for your and your family’s protection.
Ask yourself if term-life or whole-life insurance is best for you. In most cases having both wouldn’t hurt you because they are used for different reasons, a lot like having tools in a tool bag. A hammer is not better than a screwdriver and vice versa because both serve two completely different essential functions. Please refer to porterinsuranceprofessionals.com for an explanation on whole life and term life.
One important thing you need to do is to understand how much coverage your family needs.
If you own a home or are renting a place to live, then the amount of coverage needed depends on how much property is at stake if something happens to one or both members of your household. You also need to take in to consideration the loss of income from the deceased insured. In this case we are talking about the sole, or main financial contributors to the household.
The most important thing that you want to examine is your family. Do you have small children under your care? What will it take for them to be comfortable in your absence? What about their education, medical, dental, and basic living expenses from now until adulthood? Also consider your spouse and his/her needs, because they are going to be the ones doing all of the work as it pertains to child rearing and household expenses. These are the gaps that a good life insurance policy can fill if a premature passing of a key household member occurs. These are all very important factors to think about when purchasing a life insurance policy.
Perhaps you are 50 or older and you have no small children, and all you need is a basic life policy to cover for your funeral and final expenses. Or maybe you have some health conditions that have prevented you from obtaining insurance. I have good news. There are policies for everyone!
At Porter Insurance Professionals, we represent many companies to find the one that is right for you. We’re here to help!
Don’t hesitate to call us at 1-844-300-0011.
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