Many Americans believe that life insurance is not something they need, and by cutting back on coverage they are saving money. This is a common misconception, especially for the parents of America. If you do not have a life insurance policy and something were to happen to you, the financial responsibility would be placed on your kids. Here are a few things to think about when purchasing a life insurance policy:

• Determine how much you need. A good rule of thumb is three times your income, in addition to your debt.
• Do you need whole or term life insurance? Whole refers to lifelong coverage with an additional investment component. Term refers to the option to pay multiple payments of a fixed premium that only covers you for a predetermined number of years.
• Extra fees and charges can make whole life insurance much more expensive than term.
• Whole insurance would be the better choice for individuals with handicapped children.

Don’t skimp on life insurance! For any further questions about insurance in the California area, please don’t hesitate to contact Young Insurance Agency, today!