byÂ Rachel Sarah
Youâ€™ve opened up about the many curve balls that life has thrown your way, fromÂ catching your partner lyingÂ to facing a dire emergency that sent youÂ scrambling for childcare. Thatâ€™s why we canâ€™t stress enough how crucial it is to get a life insurance policy.
Shopping around for life insurance can be confusing. We know that. You probably wonder: How much is it going to cost? How long will it take me to research different policies? We understand how busy you are. And thinking about life insurance can bring up a lot of fear.
Hopefully, we can make it easier for you. For starters, weâ€™re big proponents ofÂ term life insurance. Weâ€™ll tell you why:
Term insurance generally offers the largest insurance protection for your premium dollar and typically has lower premiums in the early years. Although term insurance does not build cash value that you can use in the future, it covers you for a term of one or more years. Also, it pays a death benefit only if you die in that term. You can renew most term insurance policies for one or more terms even if your health has changed.
We encourage you to ask the following questions when youâ€™re researching life insurance quotes:
- If I renew the policy, will my premium go up? By how much?
- Will I lose my right to renew my policy at a certain age?
- For a higher premium, will you give me the right to keep the policy in force for a guaranteed period at the same price each year?
- Are any physical examinations necessary to continue coverage?
Remember, if you donâ€™t understand, donâ€™t buy it!
Weâ€™d love to know:
Do you have life insurance? If so, do you have any tips about how you went about choosing it?
If you havenâ€™t looked life insurance yet, why not?