5 Steps to Protect Your Family With Term Life Insurance

With the dramatic decline in stock prices over the past two years, coupled with the implosion of the real estate market, most people are seeking the most cost-effective way to protect their families. In times like these, the virtues of term life insurance shine brightly.

But, if you ask around, many people have no idea how incredibly inexpensive it is to buy term life. Dollar for dollar, there is no other financial product in the world that does what it does at such a low cost. Here are 5 steps you can use to make smart decisions regarding buying life insurance protection for your family.

Step 1. Know what you are buying.

At its most basic level, term life insurance is pure and simple protection with long term guarantees to pay a large sum of money to your beneficiaries if you die. While the financial services industry offers a myriad of other types of insurance contracts that offer many types of important additional benefits, only term policies avoid the costs that these other plans charge.

Step 2. Decide on the amount of insurance you need.

Nearly half of the workers in our country have no life insurance other than what is provided to them through their employer. Typically this is just a token sum of maybe 1 x their annual income.

Finding the right amount of coverage you will need is easy to do using any number of online calculators. Some calculators will simply take your annual income and multiply it by the number of years you desire coverage for to come up with the recommended amount of insurance coverage. Other, more advanced calculators ask more specific questions such as what is your target date for paying off your mortgage or, when do you think your kids will start college, etc. Using these types of variables the calculator can give you a fairly accurate recommended amount of coverage.

Remember, when you die, there is no second chance to buy the right amount of life insurance! Pay attention to this step and your family will be in good shape.

Step 3. Decide on how long you’ll need coverage for.

Ideally, your coverage should not expire before your need does. If, for example, the purpose of the life insurance is to provide coverage for a specific period of your life, such as until your kids finish college, and your youngest child is 5 years old, then the life insurance policy last for at least 20 years.

Keep in mind that you’ll never be as young or as healthy as you are today. It’s always a good idea to lock in the lowest rate for the longest period.

Step 4. Shop around.

We all have a friend or a relative in the insurance business. Often times these well meaning relations work for a single company and can only present a quote from the one company they work for. That my have worked well in a previous time but, the days of buying insurance from your cousin Johnny, or your coworkers’ spouse are long gone. With the internet, you now have the power to compare multiple quotes side by side and select the life insurance coverage that best fits your needs. Let’s face it, you will own this policy for a long time, you’ll want to make sure you are making the wisest use of your money.

Step 5. Understand the key differences of term life insurance policies.

As commonplace as term life insurance policies are, there ARE differences beyond price that should be considered before making your buying decision. By comparing different insurance policies, you can often find a policy with better features, more options, and/or from a company with a stronger financial profile.

Some policy differences to consider are the length of the guarantee period, whether the policy is convertible into a permanent form of coverage like a ‘whole life’ policy, are there options to add coverage for a child or spouse, is there a waiver of the premium in the event of disability, or is there a rider that will return your premium? Understanding these differences is important to choosing the right term life insurance policy.

We’ve all been affected by the economy and one important question to consider is, “If you were to die today, would your family be better off or worse off financially than they were 2 years ago?” Planning to take care of their future needs is more important today than ever before. Properly using term life insurance is one affordable way that you can bring peace of mind back to your family’s financial picture.

Advantages of Family Life Insurance

As life is unpredictable, one needs to plan for the future and to take care of the financial security of one’s family by purchasing a suitable life insurance policy. Professionals accentuate that life insurance gives financial security to a family. The other terms used for life insurance are life cover and life assurance.

The following article provides various facts gathered from insurance specialists and indispensable information regarding the advantages attached with an appropriate insurance policy.

Numerous resources are present to provide in depth knowledge on different kinds of policies. Many a times, new customers get puzzled due to presence of infinite amount of insurance companies providing a variety of policies with different features. Prospective buyers of insurance may seek the help of online research if they feel confused about deciding the most appropriate policy for them.

The majority of insurance providers grant all the information relating to their products, by their websites which are easy to access and simple to understand. Furthermore, one may also seek the help of financial experts hired by insurance providers to offer free guidance to prospective buyers with regards to the kinds of policies, their details, advantages and concessions available for the customers.

The topic of insurance does not interest many a people. However it is crucial to purchase an insurance policy to provide necessary financial protection to the loved ones of the policy holder in case he expires unexpectedly. A latest survey reports that people of America do not have the essential information regarding the significance attached with insurance, irrespective of the fact that almost all the insurance providers spend a lot of money on advertising. The report suggests that in America, nearly 33% of the total households having a newborn; do not remember to renew their insurance policy.

The basic reason for purchasing life insurance is to plan for death. However there are a number of other motives also, with which the insurance is purchased. For instance, one may buy an extra insurance policy for his family while one already has an individual insurance policy sponsored by the company which employs him.

Insurance customers have numerous options available to them as a number of new companies have entered the insurance sector. Procuring an apposite insurance plan grants essential financial security to the dependents of the policy holder with tranquility of the mind of the purchaser.

One more crucial aspect is the plunging cost of premiums. The insurance information institute reports that premium rates have crashed down by 50% with regards to regular term insurance policies ever since 1999. It is forecast that the premium rates will fall further by 4% in the existing year. As it is true that the life is unpredictable, so it is also true that purchasing life insurance is indispensable for almost every individual.

Life Insurance Can Help Secure Your Family's Future

The thought of one day dying is not a topic that many give much thought to. The reality is, everyone at some point in their life will indeed die. When a person dies, chances are he or she is leaving behind a family that was once dependent on him or her. Additionally, in most cases there will be some type of financial burden left for the family by means of medical bills, funeral expenses, or both. Properly planning now and taking out a life insurance policy can ensure that your family will not have to carry such a heavy burden and allow you to leave something behind to help see them through.

How much money you leave behind for your family will depend on the amount of insurance you have purchased. Insurance agents will usually suggest that at the very minimum you purchase a policy equal to or greater than the amount of your current debt as well as what your expected funeral expenses will be. This at the very least will ensure that your family is not left with the burden of resolving any debt that you leave behind as well as paying for your funeral expenses.

The debt you leave behind and your funeral expenses are not the only thing to consider when obtaining a insurance plan. If you are the main source of income in your family and you were to suddenly pass away, then your family could find themselves struggling to survive. It is a good idea to consider purchasing insurance in an amount greater than your debt and funeral expenses. Consider adding an amount that is equal to two years or more of your yearly income to ensure your family has what they need to survive.

Life insurance policies allow you to specify who will benefit from your policy in the event you pass away called beneficiaries. You can name a single person, such as your spouse, or you can individually name all members of your family. If more than one beneficiary is named on your insurance policy, then the insurance benefits will be split evenly among each beneficiary listed on the policy. This can allow you to leave something for your children to use when they are old enough to manage their own money.

Life insurance policies can also be a benefit to you and your family even when you are still alive. Many insurance companies allow you to borrow money against the life insurance policy that you currently hold. This can be useful to help you send a child through college, help purchase a home for your family, and many other reasons. Should the amount you not pay back the amount you borrowed against the policy, the amount you owe will be deducted from the life insurance benefit before it is dispersed to the beneficiaries. Borrowing against your policy should be limited so as to provide your family with the maximum benefits upon your passing.

Why You Need to Buy Life Insurance and Secure the Future of Your Family

If you are married with kids, you are a responsible person by every standard but if you don’t have a life insurance, it means you don’t love your family. Anything can happen because the unexpected may happen when you least expect it.

You may say you do not have money to purchase a life insurance, but you have enough money every day to spend on booze and women. Maybe you do not understand why you need to buy life insurance and secure the future of your family.

Truth is, if you have a family you truly love, then life insurance should be one of the most important purchases you must make to ensure that they continue to enjoy the kind of life you envisioned for them if the unexpected happens to you.

The good thing is that you can choose from a wide range of life insurance products if you need to buy one. You need to be aware here that life insurance is not meant for your immediate benefit, but it is meant for your loved ones when you are no more.

Here are a few reasons why you need to buy life insurance for the family you truly love:

o Life insurance is designed to support your family and replace your income in the event that the unpredictable happens.

o It can be used to pay off your mortgage and provide your beloved ones with a home that is unencumbered in debt.

o Most consumer debts and credit card payments can be liquidated with your life insurance benefits.

o In the event that you are no more, your children can still get the standard quality education you
initially planned for them.

o Funeral expenses can be taken care of from your life insurance cover thereby relieving your family the responsibility of struggling to find the required cash.

There is no doubt that anyone who cared so much for the family, will always be remembered after death. I have seen cases of families suffering after the death of a breadwinner and not able to sustain the vision already designed to give the children the best of life.

Life insurance products that can ensure the financial security of your family are of different types. It is wise you get an affordable life insurance quote that is right for your family now. Imagine what life would be like if your family can no longer afford medical care, education for the children, mortgage payments and other necessities of life if you are no more.

Quote for Family Life Insurance

Getting a quote for family life insurance can be cake, and you can go through the steps to find out how easy it is to do right from home. This is something that takes time to go through since there are many different insurance companies out there, and you want to make sure you get the best quote for the insurance that you choose. This is why taking the time to research and budgeting your money will save you money in the long run and get you the most family life insurance coverage when it is needed. There are only a few steps, and you can find out what needs to be done to get your quote for family life insurance today.

1. Go to a site that allows you to research many different insurance companies that offer family life insurance at once. This saves time, and means you do not have to fill out the same information over and over by going to each site individually.

2. Go to the ‘quote for family life insurance’ button to get the quote you’re in need of. You then want to make sure that you’re directed to the next page once you click on the link or button on the page.

3. Fill out all the necessary information that they ask. This might be about the people the life insurance policy is going to cover, your financials, what you’re looking for as far as coverage goes, and any other information that will give them an idea of who you are and what you want from the family policy company.

4. They will then take you to a loading page where you might have to wait. This is because they are getting information from a lot of different companies to compare for you. Take your time and be patient while they gather the results.

5. Look at the page that pops up which will be the results page with all of the different insurance companies that will take you on. You will get the premium price for each month that will need to be paid and the amount your family is covered under for this premium price. Not only that, but they will also give you an idea of what information they are going to need to sign you on and also give you their contact information.

6. Contact the insurance company of your choice for the insurance you would like to get for your family. They will then look up your quote online, and determine the extras through the phone or online.

7. You will then purchase your policy through a secured transaction through their company. This allows you to pay a month, 6 months, or a year in full depending on what you would like to pay up front.

8. You will receive all of the documentation about your family insurance policy through the mail. This will give you all the necessary documents needed if something happens to go wrong with a member of the family.