If the pandemic has made you to think about how you can be certain that your family will be financially secure, you might be wondering what your options are. There are several options, but if you’re young and healthy, term life insurance can be a good place to start.
Term life insurance typically covers you for a specific number of years, it could be 5, 10, 15, 20, or 30 years depending on what you choose. During the term of coverage the insurance company will pay a death benefit to your beneficiaries. Despite the simplicity of term life insurance, there are things to know before buying a policy.
You can contact LiFE360Project and a local licensed broker will help you through this process.
What Term Length Do You Need?
Preferably you want to have a term policy that is long enough to cover your main financial concerns. An example is if you have young children, you might want a term that will be in force until they graduate from college.
How Much Coverage Do You Need?
There are 2 steps you can take to find out exactly how much coverage you need.
1. Add up the debts and concerns you want to cover, such as a mortgage or kids’ future college tuition.
2. Subtract the amount your family would already have to pay for these things, such as your savings.