So You’re Buying Instant Life Insurance
Is there a need for life insurance for my family?
The simple answer: You will not need to purchase life insurance if the death of the income provider will not be a financial burden to the rest of the family (children / dependents) . Having enough funds in a bank savings account so that one parent can continue to raise the children on their own if something were to happen to the income provider is sufficient reasoning not to have to purchase life insurance.
Also, if you are single, unmarried and have no dependents you do not need life insurance .
Life Insurance Types
How do you know how much life insurance a family needs?
By taking into account your family’s finances and a little future decision making you can get a better idea of what amount of life insurance is needed.
Future factors to take into account :
- Monthly Income
- Monthly Expenses
- Clothing
- Education/College
- Cost of Gas
- Fun Events / Travel / Movies
- Additional Costs or Expenses
- Savings for Spouse
How do I know if a life insurance company is good or not?
Before you buy life insurance make sure that you check the insurer’s ratings . When looking at the life insurance companies double check that they have a strong rating .
How to save money on Life Insurance?
Get online life insurance quotes! It’s the best way to save . Compare life policies of life insurance companies available in your state. Force insurers to give their lowest prices by comparing. Saves you A LOT of time and quite a sum of money .
Is it possible to purchase life insurance if one has a serious illness?
Depending on the life insurance company it may still be possible to purchase an instant life insurance policy .
If the illness becomes worse will the insurer be able to cancel my policy or increase my premiums?
If you already have a life insurance policy and your serious illness gets worse the insurance company cannot cancel your life insurance policy nor can they increase your premiums .
Are there any benefits to permanent life insurance or term life coverage while I am still alive?
Both types (Term & Whole Life Insurance) offer the protection of your income for your family if something were to happen to you.
Is buying life insurance for my spouse also important?
Does your family depend on both your incomes?
If God forbid something happened to your spouse would your family be financially affected?
If God forbid your spouse were no longer with you would you need to hire someone to help you around the house to take care of the kids?
Talk to your spouse about the details of instant life insurance and understand why it is required when starting a family. The sooner you do it the better..
