Shopping for life insurance can be confusing and complicated, it also requires people to think about death, which is enough to scare anyone away. But even though it may seem intimidating, life insurance isn’t as complex as it seems. With the help of the team at Wayne Anthony Insurance, you’ll be able to find the best policy to protect your family and your estate long after you’re gone. Here are some of the life insurance basics to make your search that much easier:
How Do I Buy Insurance?
When shopping for life insurance, you can either go to an insurance company or choose to use a broker that compares rates from multiple companies. Your employer, union, or trade association may also offer a group life-insurance policy. These type of policies typically offer less flexibility than most individual policies. Most policies will require a medical exam to so that the insurer can assess any health risks.
Do I Even Need Life Insurance?
If you’re single with no dependents and don’t expect to have a taxable or debt-ridden estate, you may be able to skip the life insurance. However, if you’re a business owner, have dependent children, or have a large income disparity among you and your spouse, you should most definitely invest in life insurance. In these cases, a policy will help those you leave behind with expenses after you’re gone.
Term or Permanent?
There are generally two type of life insurance: term and permanent. Term life is the simplest and cheapest type of life insurance and lasts for a set period. A term policy is a good option for those who only want life insurance for a set number of years, perhaps until your children have graduated college or until retirement. Permanent life insurance is the more costly option, but it lasts for your entire life. These policies are used for specific estate-planning purposes like funding future estate taxes or ensuring the life of the family business.
Choosing which type of insurance is best for you depends on your unique circumstances and financial goals. To best realize what type of insurance is best for you and your family, schedule an appointment to meet with one of our qualified and licensed life insurance professionals today.