Affordable Life Insurance: Seven Things to Know

There are no guarantees in this life, but we could most certainly guarantee our lives.  There are many life insurance offers in the market that will greatly benefit our beneficiaries.  Purchasing of an affordable life insurance is the best decision we will ever make in this lifetime, and beyond.

Therefore, choosing a life insurance program is something that we cannot pursue blindly. There are some things we need to learn to make the best decision.  Let’s take a look at affordable life insurance programs.

7 things about life insurance

  1. Term Life Insurance is the most affordable type of insurance policy. You can choose from 1-, 5-, 10-, 20-, and 30- year terms.
  2. Price should not be the only factor to consider when choosing an affordable life insurance program. There are more things about life insurance programs than the price they are being offered for.
  3. Consider life insurance from a company that has proven credibility and reliability. Use an insurance advisor to sort through all the insurance companies and their offers.
  4. The term you pay the policy needs to be considered. Study multiple terms side by side to pick the best offer for your financial plan.
  5. Complete a “needs analysis” with an advisor. As a result, you will avoid over or under insuring yourself.
  6. A life and critical illness insurance policy will cost less than you think. (A 30 year old male, Term 10 with both $500,000 of Life insurance and $100,000 of Critical Illness Insurance will cost just under $50/month.)
  7. An affordable life insurance policy is for your beneficiaries upon your death, not for you.
  8. Your beneficiaries will get one lump sum upon your death and can choose how to use the money.
  9. A life insurance policy is generally given favourable tax treatment when paid.  Meaning, the lump sum benefit will go directly to the beneficiary, tax free.

In conclusion, consider all of the above when choosing a life insurance policy to assure you get the best policy possible.

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