Are You Well-Versed On These Life Insurance Facts?
Life insurance is misunderstood by many people, whether that’s because it’s a complicated topic or because it’s neither easy nor fun to think about. However, it’s crucial to you and your family that you have the right type of life insurance policies to fit your needs.
To help you along the way, we recommend that you make sure you’re up to date on these five critical life insurance facts:
Choosing the right plan isn’t a one-time activity
It’s tempting to choose a life insurance plan one time and then assume that you’re done with it, but the truth is that you and your family’s needs may evolve over time. Whether it’s because of a change in financial situation, a growing family, a change in marital status, or the death of a family member, there are many reasons you should be sure to continuously review your life insurance needs.
Not all life insurance plans are the same
No life insurance plans are one-size-fits-all, and your needs and financial situation will dictate the important decision you’ll make on which policy is right for you. Choosing between term and whole life insurance is one such critical fork in the road, as term life insurance provides coverage for a set period of time (typically your main working years) whereas whole life insurance lasts your whole life. Knowing which is the right move for you is imperative, so don’t assume the first plan you see is the only type of plan available.
Life insurance doesn’t cost an arm and a leg
Far too many people fail to get proper life insurance, and one of the primary reasons for this is the misconception that it is too expensive for their budget. However, life insurance is typically affordable for most families, especially when you contact a professional in the industry to walk you through your options. You could be spending more on coffee each month than you would for a life insurance policy.
It pays off not to wait
Young and healthy people might too often opt to delay purchasing life insurance policies, thinking that with less financial obligations and lower budgets that they can afford to wait until they’re older. The truth is that if you lock in a life insurance policy when you are young and healthy will typically require a lower monthly payment than if you wait until later. Life insurance policy costs only rise over your lifetime.
If you want to get in touch with experts and discuss your life insurance needs, contact Schechner Lifson Corporation today to see how we help.