Of course, there's no one who likes to consider their own death, but life is not foreseeable. Obtaining a life insurance policy can be an act of love, which protects your loved ones against financial hardship if the unexpected does happens. In fact, nearly everyone needs some sort of life insurance policy.
A wage earner who dies will need it to cover funeral expenses and provide financial support. Stay at home parents need life insurance too, as they provide important and valuable services, which would be costly to replace. Retirees can cover final expenses and medical bills so their family is not left with the liabilities. Younger people often have debts such as student loans or credit card debt that can be covered so family members are not left with their obligations.
Term life insurance is typically an affordable and valuable coverage option for any of these situations. It generally has low, fixed premiums and provides coverage options for up to 30 years. The premiums which are paid are always the same, over all the years specified in the policy. If the person who's insured outlives the stated amount of time, the policy ends with no payout. However, some life insurance may be renewable, although the rate may increase as the chance of death also increases over time. Since rates are based on life expectancy, younger and healthier individuals are offered the most affordable rates.
A good way to figure how much life insurance you'll need, is to figure a death benefit about 10 times your annual income, although consulting with a trusted insurance agent can help you decide what is right for your particular financial situation.
A person should minimally buy coverage for the length of time it will take to reach their retirement. Stay at home parents should have coverage for the duration of time that there are those who require care in their home.
It's always important to buy life insurance from a financially stable and reputable company. If you would like to learn more about term life insurance, Dunham Insurance can offer you trusted, expert advice. We will be pleased to assist you with information about why you need it and help you with choosing the right type of policy with a quality provider. At Dunham Insurance, we offer a wide-range of tailor-made policies. Please call 954-564-7772 or visit www.dunhamins.com to discover how we can help, and to receive your free quote.