When did you last compare life insurance quotes online? Hmm… we though so. Life insurance is one of those things we don’t like to contemplate, yet really really should.
Yes, it’s uncomfortable thinking about death and our own mortality. But avoiding the topic won’t make it go away, and if you have young children or dependants, it’s one of those things you need to embrace rather then run from.
Don’t be afraid of life insurance.
We appreciate it can be an overwhelming field even if you’re brave enough to tackle the unfortunate implications of dealing with life insurance- let’s say you have, and you’ve got your bum into gear. You’re hunting the best life insurance quote online as we speak. How much do the options really mean to you? No doubt you have little idea which type of policy, term or cash value you need. You may not even know how much coverage you need to start with. And companies looking to sell you their products aren’t always your best advocate.
There’s one question to ask yourself even before you compare life insurance quotes online- and that’s ‘How long can my family be provided for if I am gone tomorrow.’ Knowing the answers to this question is the best way to begin figuring out the answers to all the rest. Sadly, it’s a question that often goes unanswered. Believe it or not, up to 45% of married couples have never even dared raise this topic with each other, let alone consider it safely and sanely. Here are some things to make the process smoother for you.
Knowing how much you need.
The usual given ballpark here is seven to ten times your annual salary, but it’s better to give that individual consideration too. You will find online calculators to help you, but a few easy questions to ask yourself will give you guidance too. Make sure that the costs for your funeral wishes are covered. Also give a thought to your debts. Most importantly, evaluate what would be needed for your family [which may be different then your needs now] if you’re not their. Would your surviving spouse, for example, need to pay childcare? Or extra medical insurance?
Does your surviving spouse need a lifetime income? Lastly, take into account your individual family. Ideally, your life insurance should cover all dependants until they can be self sufficient. Do you have a promising young university candidate in the family?
Make sure their dreams can come true. And don’t make the mistake of not covering yourself because you’re the partner who doesn’t contribute an on-paper income. Unpaid contributions to the family are often undervalued until they aren’t their any longer. See the question about childcare above- you’re loss will have a financial impact on your family whether or not you bring in a pay check month to month. Now you’re in a much better position to contemplate the best life insurance quotes online.
Other things to remember.
You aren’t alone in this decision. If someone is likely to be effected by the policy, make sure they have some hand in the planning. Don’t wait for a loss in the family to start thinking ahead, either. You’ll also need to revisit the policy every few years, to make sure that you’re covered for the changes that may have happened in your life.
With these tips in mind, you’ll be much better placed to source and compare life insurance quotes online for you and your family.
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