FAQ

Who needs life insurance?

If you're not sure if applying for term life insurance is the right choice for you and your family, there are a few things you'll want to consider to help you determine whether or not term life insurance is right for you. There are a number of term life insurance plans, and one is bound to meet the needs of you and your family.

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Affordability

One of the main concerns families have when choosing an insurance plan is the cost. You'll want to make sure that you're not paying too much for your insurance policy, while still receiving the coverage and benefits you need. Term life insurance tends to be a little cheaper than whole life insurance, since term insurance is temporary and can be renewed if you choose. Receiving free quotes from online services is a great way to see how affordable a number of applicable term life insurance plans are. You'll also be able to compare the plans side by side without the hassle of paperwork and apply for the one that best suits your needs.

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Health concerns

The price of your term life insurance could increase or decrease based on your health or the health of your immediate family members. Before you start ‘shopping' for a term life insurance plan, be sure to visit your doctor for a physical to find out just how healthy you are. If you smoke or drink on a regular basis (especially if you're a heavy smoker), this will definitely affect the price of your insurance. If you're taking any medications on a regular basis, you should include this information in your health insurance application. You'll also need to know whether or not there is a history of heart disease, diabetes or cancer in your family before you apply for term life insurance. If there are significant health concerns in your family, the price of your policy will probably be more, but it is best to pay a little extra to make sure that you are receiving the coverage you need. After all, insurance is basically a ‘just in case' monetary account, and should you ever need the money, you'll be glad you set the right amount aside.

Long term financial goals

While term life insurance may be cheaper for you at the moment, you may want to think about your financial future when it comes to how long you want to have a term life insurance policy. Policies for term life insurance can last for as little as a year, or as long as thirty years, so keep this in mind when you're selecting a plan. Term life insurance only provides survivor capital for the fixed period of time that you've applied for the policy, so if you're using the policy as supplemental insurance, this may be just fine for your family. After a while, you may want to consider a full life or universal life insurance policy, so that you can accrue funds for a child's college education or to save on buying a home. Take a good look at your finances to see what type of term life insurance plan you'll need, as well as how long you want the policy for.

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