It can be hard to understand what life insurance is and how to purchase a policy especially if it is your first time. There are different life events that can make people think about purchasing a life insurance policy such as:
1. Getting married
2. Having your first child
3. Going off to college
4. Entering into the workforce as a recent graduate
5. Starting out your first business
6. The passing away of a loved one
First, determine whether you need life insurance or not. If you do not have any dependents and have enough money to pay for your final expenses, you may not need a life insurance policy. If that is not the case, then you should consider purchasing a life insurance policy.
Common Life Insurance Questions:
How much life insurance do you need?
A number of factors such as your age, debts, monthly expenses, and number of children – can influence how much life insurance you may need to comfortably plan for your future. The experts at LifeHappens.org recommend purchasing a policy worth 10 to 15 times your gross income. Try the free life insurance calculator here to help estimate how much life insurance you may need.
Do I need a medical exam to purchase life insurance? No this is not always the case, but you should expect to answer certain questions. Generally speaking, it is more likely you will need an exam as your age and/or the amount of coverage requested increases. For some life insurance policies, your insurer will require a brief a paramedical exam. It is similar to a basic physical where a paramedical exam professional will measure vitals like your height, weight, temperature, and blood pressure. You will also have blood drawn and a urinalysis test completed.
Why should I think about life insurance if I’m young and healthy? Life insurance can be purchase at any age but there are more benefits to purchasing a policy when you are young and healthy. This is because rates will most likely be less expensive since younger individuals tend to be healthier and pose less of a risk. In addition, buying a policy when you are young and healthy makes it easier for you to buy more coverage in the future.
Also, even if no one depends on your monthly income, a life insurance policy will cover your funeral expenses and debts — including student loans.
Contact Paroubek Insurance today to learn more about Life Insurance and how to get started.