- Time Period - It is important that the plan you get is within the right time frame especially if you buy term policy. For example, the number of years that your spouse will continue working until the time of retirement. Another factor to consider is the length of time your child will graduate from college.
- Lifestyle - Assess and weigh the things that is important to your family. Should something unfortunate happen to you, what aspect do you want to be taken care of? Is it money for education, child care, or mortgage? Decide what is best for your family, so you can have something to depend on during difficult times.
- Family Member - Take into consideration the number of people in your family that would benefit from your life insurance. How many children do you have? What are their ages? Do you still have younger children, or perhaps someone with special needs? These are some of the things that you need to consider. You may opt to increase the amount of your policy if you have a child with special needs to help you cover the costs that come with it.
- Additional Benefits - You may want to change your term insurance policy to permanent coverage. You may also want to add riders in your policy to obtain supplemental benefits. In such case, ask your insurance agent about the best option for you.
Cost of Life Insurance
If your family depends on one income, the cost of life insurance is an important concern. Let's say, your term policy is $250,000, then it would cost you $150 every year.
But, a study revealed that policyholders tend to overestimate the amount of their insurance. They do not understand their insurance plan, which is why they often overestimate the insurance cost.
Insurance agents generally recommend term insurance if you want an affordable option that covers a specific time period. It is also the ideal option if you have a young family and still paying your mortgage.
Basically, you can get life insurance for a lower cost if you are healthier and younger. Therefore, talk to an agent now about life policy that can meet the needs of your family and your budget.
At Cornerstone Insurance Agency, we put our clients first by offering them policies that they can afford. Learn more about our products and services by calling our agency at (770) 413-0807. You can also request for a free quote by CLICKING HERE.