Plan for the future by selecting the right life insurance plan for your needs.
Talking about death can be uncomfortable for anyone, but proper financial planning can ease the nerve that your family will be taken care of after you’re gone. Life insurance is a sure way to provide financial peace of mind, but selecting the right policy can be tricky for the inexperienced.
Here’s how to get started.
Understand your assets and liabilities. The amount of life insurance that you need will generally depends on your current assets and liabilities to your name. Ask yourself how your family could afford to go on as usual after your death, if your family will inherit anything, and consider future family expenses, such as marriage or children’s education.
Determine the immediate need. Individual insurance needs change with every stage of life. However, it’s known that the earlier one buys a life policy, the cheaper it works out. Locking in a low rate now will help you later down the road. Even buying a policy in your youth will help your dependents in the future.
Assess the plans. Generally, you’ll be faced with making the choice of if you want life insurance for life or coverage for a set period. Term insurance provides coverage for a certain amount of time, such as 10, 20, 30 years, and the claim is paid to the family only if the policyholder died within the insurance term. Whole life (or permanent) insurance provides coverage for the whole life of the policyholder. The claim is paid to the family upon the death of the insured, irrespective of when it occurs.
Review as necessary. Once you have a policy in place, it’s essential that you review it when your income, lifestyle, or dependents change. This helps your loved ones get the most out of your life insurance!
For more information about selecting the right life insurance policy to suit your needs in Burbank, California, contact the team at Young Insurance. As life insurance experts, we’re able to walk you through the process of selecting the right policy to meet your needs.