Buy term life insurance

Posted on Tuesday, 5th January 2010 by jkibler

Do not buy term life insurance before you read this as reading this will enable you to save money.

There are many options available when it comes to buying life insurance and the first thing to do before making any decisions or even shopping for insurance is to assess your situation and determine your needs.

Questions to consider

The age of your family

Number of children

Income

Outstanding debts

How much is outstanding on the mortgage

Does your spouse have a high-paying job?

Your health

Family history

Does your dog bite? I’m just kidding. If your dog does bite put that on your homeowners insurance policy.

What I recommend is to take all your outstanding debts including the amount of money you owe on your mortgage, add them up and then add that total to seven times your net yearly income and that’s about how much you’re going to need for your term life insurance to protect your family.

The advantage to buying term life insurance is the low-cost. You can get a high benefit for your family for a low price if you are young, in good health and don’t smoke.

You can also add riders on your spouse and the children and these riders can be converted to life insurance policies of their own later on.

You can also get a waiver of cost, which would require the company to pay the premiums if you became disabled.

Jimmy says, for a family with a limited income, term life insurance policy is definitely the way to go. Always make sure your family would be protected in the event that something would happen to you.

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Buy term life insurance is the way to go for young families with limited incomes and if you have any suggestions you would like to add please do so in the comments.

Tags: Life insurance
Posted in Saving Money On Life Insurance | Comments (6)