Choosing the best life insurance plan isn’t always easy. There are many factors to consider and many of those factors are hypothetical. You may not have all the facts and you’ll have to make your decisions on instinct or play the odds. Here’s how to calculate the odds and make a decision with as many facts as you can:
Find out How Much Life Insurance You Need
Gather a list of your debts and payments. You’ll want to make a list of your loan debts first, including the balance and payment.
Then, make a list of the things you pay for each month, other than loan debt. Include utilities, food, gas, mobile phone, and internet, etc.
Once you have everything accounted for, that you pay each month, calculate the totals.
Then, figure out how much money per month your family needs, without your payments included. Things like random purchases, going to the movies, etc.
Take your total loan debt and write that down. Then get with a professional to figure out how much money you’d need to have to generate the other income and payments each month. Add your loan balances to that, and you’ll have a ballpark figure of how much life insurance you need.
Our experts can do this for you quickly. Call us for a free and confidential consultation (888) 539-1633 or REQUEST A QUOTE HERE
Find the Right Kind of Insurance
The right kind of life insurance is the best life insurance for you.
Here, you can choose from several main kinds of insurance. Term, Whole Life, or Universal Life.
Each has its advantages.
Term Life is only good for a defined amount of time and only covers your life. When the term is up, and you are still alive, the benefits are gone typically.
Whole Life is one form of permanent life insurance and uses an estimated 120 years of life. Basically, if you take 120 minus your current age that’s the number of years it’s good for. The carrier estimates your life insurance premium for each of those years, calculates a total, and then divides by that number of years. That’s your premium. The premium is relatively stable but you pay for years you may not live.
Universal Life is the other form of permanent life insurance. With this kind, you pay for each year as it comes. So, as your age increases and your premiums increase, you pay for it as it comes. This kind of insurance may seem scary, particularly as you get older. However, if you use an Indexed Universal Life product properly, you could use it as a retirement account and accumulate wealth inside it. This would offset the increasing cost and even provide retirement income with tax advantages.
Talk to one of our experts to find the best kind of insurance for your situation. Call (888) 539-1633 or GET A QUOTE HERE
Find the Best Price
Now that you’ve found the best life insurance, it’s time to find the best policy and carrier from which to buy it.
Consider your age, activities, and overall health, your premium will vary from one company to another. Also, if you choose an IUL, certain companies have parameters in place that will increase the speed at which your money would grow. Don’t try to do this on your own. Our unique life insurance professionals can search the country for the best policy and company for your individual situation.
Don’t leave it to chance or listen to advertisements. It’s an important decision and you need an unbiased professional to help. Call us at (888) 539-1633 or GET A QUOTE HERE
If you think you don’t need life insurance…think again. Your family is at risk every day you don’t have adequate life coverage to protect them financially.
You won’t need it until you need it. Then it’s too late!