Being fluent in life insurance requires some patience, but if there is one term to get extra familiar with, it’s “premium.” This word has everything to do with what you’ll pay to keep your coverage in place.
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We’ve all seen this story in a movie. A character dies mysteriously, and while investigating, the police discover that someone close to the deceased recently took out a life insurance policy on them. (Cue eerie music and dramatic crash of lightning.) It’s an open-and-shut plot device in a crime flick, but in real life, you…
Even though most insurers have systems in place to help locate beneficiaries when a policyholder passes away, there are a few simple tricks to track down a lost life insurance policy.
Other than being one of the most affordable types of coverage, term life insurance is a rather simple, straightforward product that provides protection for you and your family for a set period of time.
Let’s get something out of the way right up front: if you’re avoiding the chore of buying term life insurance because you expect it to be a major hassle, don’t. Times change and so has the experience of purchasing life insurance.
Okay, so you’ve figured out you need term life insurance (congrats, you’ve come to the right place.) But, what about your better half? If one spouse is covered, does the other also need to be?
Often, the answer is yes.
With marriage or a lifelong partnership comes a myriad of shared financial responsibilities and expenses times two – the mortgage or rent, utilities, car payments, and, eventually, the expenses that go hand in hand having children. Not to mention, most people would want to leave their partner in as good if not a better financial situation, if they could. This is where life insurance comes in.
Life insurance often isn’t needed for a single person with no children. Some may say, “Buy it while you’re young and healthy.” The reality is that, if you don’t need coverage, the money toward a life insurance premium could be better utilized by contributing to retirement savings or building an emergency fund. But, all single people aren’t off the hook. There are still quite a few circumstances when you may want to consider purchasing a policy.
When it comes to insurance, most of us expect prices to increase over time. And we assume this for a good reason – they often do. We’ve all been in the situation where our auto, cable or internet “promotional price” is up, and we’re stuck with a bill that’s $20+ more per month. No matter our negotiating prowess, many of us end up with at least an incrementally higher payment each month.
Fortunately, we have good news for you. Life insurance doesn’t have to work that way.
This expert guide features helpful tips and quick wins so you can accomplish your best financial year yet. This is your year.
Life insurance helps cover your loved ones financially if you were to die. The money from a life insurance death benefit (the policy payout) can be used in numerous ways that support the beneficiaries’ needs.