Life insurance is one of the most important types of insurance – especially if you’re married or have a family. Most people do think about life insurance once they get married or have a child. Purchasing life insurance is easy. All you have to do is find a reliable insurance company, and then decide what type of life insurance policy is best for you.
The important first step is deciding if you want a term policy or a permanent policy. Keep in mind that a permanent policy remains active as long as the premium is paid. There is no expiration date on coverage. On the other hand, a term policy expires at a specified time. You purchase coverage for a set number of years, and once the limit is reached, then the policy expires. Term policies are popular with people who want coverage while their children are under 18 or they are paying off a mortgage.
Life insurance is different from most other types of insurance. It doesn’t cover specific costs. For instance, the insurance company can’t tell the beneficiary how to spend the money. The funds can cover funeral costs, medical expenses, and much more. The only exception is that some life insurance companies will not pay out in the event of suicide.
Life insurance is recommended for anyone who will leave family behind. If your family will suffer financially once you’re gone, then life insurance can help them. Speak with an insurance agent to learn more about your life insurance options.