Some of you expressed an interest, or began the purchase process for Life insurance, so here's some information on the subject. I hope you it useful.
Life insurance is surrounded by misconceptions: when to buy it, when you need it, or if you need it at all. And let’s be honest, it’s an awkward subject in any setting, professional or otherwise. Evaluating a policy can feel complicated and confusing – it is a legal contract, after all. Fortunately, we’ve done the hard work for you!
Here are three common scenarios where life insurance may be appropriate:
Adults who own property together. A life insurance policy should be at the top of your to-do list if you own a home with someone else and that home has a mortgage. In the unfortunate event one of you should pass away, the death benefit can help the other person pay off the mortgage, pay for upkeep, even prepare it for sale. Insurance can also be helpful if you co-own a business as well
Parents with minor children. Whether you’re expecting your first child or you’re getting ready for an empty nest, it takes a lot of money to raise kids. A life insurance policy can help make sure your children are covered financially if you die. Depending on the policy, the payout could help cover things like college tuition, medical expenses, and day-to-day living costs. However, a minor child cannot be the direct beneficiary of the policy’s proceeds, so be sure you have a legal guardian or custodian in place.
People looking to lock in low rates. When it comes to life insurance, it’s best to lock in pricing when you’re young and healthy. Most life insurance plans require some form of a physical or check-up. In general, the healthier you are during that process, the less you’ll pay per month in premiums on your policy.