Life insurance may not be a fun topic to consider, but it’s good to have it as a safety measure for the loved ones in your life. You’re used to people depending on you, which means you need to have the right policy in your back pocket, so you know everyone will be provided for. Here are 5 things to consider before you decide on a policy.
1. Short-Term or Long-Term
Term life insurance and permanent life insurance offer different benefits for different people. Those who want term typically choose when they have a set amount of time they want covered (e.g., until their children turn 18.) Permanent will not only cover you for your whole life, but it also allows you to build up a savings over time.
Rates depend on your lifestyle, so you’ll need to keep that in mind before you call up your first company. Those who do particularly high-risk activities need to be prepared for an assessment before receiving a quote.
A term policy will typically cost less than a permanent policy, but it’s also important to remember that having the protection in place is sometimes necessary for a longer time period than term can afford you.
4. Term to Perm
You may want to learn more about convertible term policies before you decide. Typically these will let you convert your policy from term to permanent, and you can do so without seeing the doctor. You will need to pay more for these premiums though.
5. Finding Help
Fida Insurance Group serves Monroe, CT and we’re happy to provide you with the quote you need to cross compare your options. Give us a call today for more information.