Life insurance policy considerations.
If you’re an adult with a house, a spouse, kids, and other financial liabilities, hopefully, you have life insurance already. If not, it’s important that you start looking for coverage. Life insurance protects your family when you’re no longer able to do so, and is a truly selfless policy. Although some coverage is better than nothing, it’s better for your family to ensure that you secure a reliable policy that addresses your needs. Here are a few things to consider when looking for a policy.
Just like any insurance policy, it must stay in line with your budget. Opting for a policy with too much of a high premium is setting yourself – and your family – up for failure. If you are unable to keep paying the premium, then the insurer may cancel your coverage. Luckily, life insurance can be as affordable as you’d like. Working with the right insurance agent is a key part of this.
If you want your family to receive the death benefit immediately, then it’s important you check that your policy has this. Often, there is a two- or three-year waiting period after purchase before they’ll pay out 100 percent of the proceeds upon death. If you want life insurance coverage that starts right away, this is not ideal.
If you’re looking into a term life insurance policy, beware of policies that don’t allow you to “convert” your term policy into a permanent one. This feature typically allows you to exchange your term policy for a permanent plan without proving that you’re still in good health. A flexible policy that allows you to convert means that your family has a better chance of staying protected.
When you’re looking for a new policy, we are here to help. To speak to a team you can trust, contact the professionals at Massive Insurance. We are ready to get you the right life insurance coverage today.