I got the policy, but never understood it.
A few years went by, and I let go of it.
Life insurance is a confusing topic.
Kristy Gaunt – The Penny Hoarder
Consumer demand for life insurance is greater than actual ownership, according to the2018 Insurance Barometer Survey by LIMRA.
In other words, we think we need it, but still dont have it.
OK, so its probably not nearly as expensive or as difficult as you think.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
A company likeBestowoffers you an easy way to compare and buy life insurance.
To get your quotes, youll just enter some info about yourself and your health online.
If youre young and mostly healthy, consider purchasing term life insurance online fromEthos.
But… do you need it?
Does one of these sound like you?
You may be surprised at what the pros have to say.
Shes living on a tight budget for now, but shes hoping to land her dream job any day.
Someone this young cant need life insurance, right?
a house).Without either of these there is no need.
None of us want to leave our parents with the burden of paying our outstanding debts.
The verdict?Katy probably doesntneeda life insurance policy yet, because no one is really dependent on her.
But she may be able to lock in a good price by starting out early.
If that bit about student loans startled you, remember that many federalstudent loans are discharged if you die.
If you have private loans or someone co-signed with you, your estate could be responsible for covering it.
Hes financially stable, but has not built up an abundance of savings or wealth just yet.
Pearcy sees benefits to Josh getting a policy now.
The verdict?Nope, Josh doesnt need life insurance just yet.
However, hes in a good place to start looking at policies and maybe lock in a low rate.
When he buys that house, its definitely time to get a policy.
I would go big here, said Pearcy.
Windle agrees Wesley and his wife are in prime position for life insurance.
The verdict?Yes!
With a spouse and a home, Wesley is firmly in the realm of those who need life insurance.
She employs four people at her bakery.
Pearcy believes the business is a big factor for Dora.
She must consider the four employees she has as they are dependent on her business for their income.
Dora is definitely a candidate for insurance, Windle agreed.
She should have enough insurance to pay off her business debt and personal debt.
The verdict?Yes.
Doras business means she could have considerable debts and people counting on her.
She could even factor them in if she wanted.
Each of them works full time making $50,000 to $70,000 annually.
This is the most common client we see, said Pearcy.Married with kids and steady income.
The rider is inexpensive and means they do not have to buy her a separate policy.
A child term rider is basically life insurance for the child of the primary insured person.
As an add-on, its usually quite affordable.
Windle also sees Dan as a prime candidate.
The verdict?Oh yeah.
These guys are right in the life insurance sweet spot.
Theyre young enough to get good rates, and have enough responsibility to really need it.
Shes been working full-time and making six figures since college.
Her retirement fund is booming, and she keeps five months expenses worth of emergency savings in the bank.
By self-insured he means Gina has enough money saved to pay for an emergency or anycosts after death.
The verdict?Nope.
Gina has herself covered.
This scenario is more about their legacy goals, said Windle.
The verdict?No.
There may be some good reasons to look at getting a policy, but they dont truly need it.
To Pearcy, this isnt as clear-cut a scenario as it seems.
I would suggest the son pay the premiums and Rupert be the insured.
Windle is not in complete agreement.
Rupert should not waste any of his limited income on insurance.
The verdict?Not likely.
How Much Life Insurance Do You Need?
If the thought of looking for a life insurance quote makes you cringe, I dont blame you.
Heres the good news.
To get a life insurance quote, you dont need to talk to an agent.
Here are a couple of other great options for you.
BothPolicygeniusandEthosoffer you an easy way to buy life insurance online.
It never hurts to look into your situation and see just how much it would cost to be covered.
Chances are, youll be surprised at how affordable it can be to sleep a little easier at night.
Catch him on Twitter at @Tyomoth.
It sounds appealing right?
Check it out here!
We can’t personalize articles for our readers, so your situation may vary from the one discussed here.
like seek a licensed professional for tax advice, legal advice, financial planning advice or investment advice.
