Before you buy any type of life insurance policy, there are a few questions you will want to ask. Life insurance is a valuable asset to have, especially if you want to make sure your family is taken care of if something happens to you. The key is understanding the coverage provided by different life insurance policies and choose the one best suited to your individual situation.
Different life insurance policies offer different benefits. The returns from these policies can be used to pay off any debts or final expenses and to provide your family with an income if something happens to you. Secondary benefits include access to funds to pay for emergencies or to be used in unique investment opportunities.
There are many reasons you may be declined life insurance. A dangerous job or hobby, poor health, or where you live can all affect your eligibility to get life insurance. Some of the things that influence your disqualification can be eliminated, making it possible for you to try again at a later date. Giving up smoking, losing weight, or moving to a better location are valid reasons why your application may be reconsidered.
You can buy life insurance at any age, but it's best to purchase it when you are young. The younger you are when you buy your policy, the more benefits you are likely to gain. Buying a policy when you are younger will also earn you much lower premiums. The thought is that the younger you are, the healthier you are, making your odds of approval much better.
There are many types of life insurance policies available. Term life is for a set number of years and a specific amount. Whole life offers a more substantial death benefit that will provide the financial support your family needs if they lose your income. Universal policies offer investment opportunities and a cash fund that you can borrow against.
This will depend on your end goals. If you are paying your final expenses, you may be able to get by with a lower amount. If you have a family to care for, you will want to make sure you can provide two or more years of your income, plus enough to pay off any debts you may leave behind.
Have questions about your life insurance needs? Before you choose a policy, you will need to have all of your questions answered. Call the agents at Bell Black Insurance to find out more. Our experts will look at your financial situation and help you determine what type of policy you need to achieve your goals.
