Right Life Insurance

Once you get to a certain age, you start accumulating responsibilities. Being a professional at your job, for instance. And, taking care of your spouse and kids.

There is a mortgage to pay, bills to keep up with and possibly even elderly parents to care for.

Then, in addition, you need to think about life insurance. Why do you need it? Well, all those responsibilities won’t take care of themselves if something happens to you.

You can’t just get any old life insurance, though. It’s important to find the right life insurance for you and your specific set of circumstances.

That’s what this article is here to do. Help you find the right coverage for you and take some of the guesswork out of the process. It can be intimidating, so let’s dive right in.


What is the purpose of life insurance?

The basic idea is what I already alluded to in the introduction. There are people that depend on you that would be left out in the cold if something were to happen to you.

Life insurance is simply a way to guarantee that your financial obligations are taken care of after you are gone. Things like college tuition, your mortgage and other debts and even your funeral costs.



How to pick the right coverage

There are a lot of moving parts when it comes to choosing the right policy that will have you covered.

The very first thing to do is to find a trusted insurance agent. Finding the right one is tricky. Unless you have friends that can suggest a good one, you’ll need to look for the right agent yourself.

The best agents that understand what you need are ones that have spent time as claims adjustors. Lucas Cole Insurance Agency is the type that I mean as Lucas Cole himself was a claims professional for years.

When you have the right agent they will go over your set of circumstances to find the right coverage.

Your income, debts, lifestyle and family all come into play when it comes to how much coverage you need. Generally, your policy should pay out between 5 and 10 times your income to be able to cover everything.



Types of life insurance

The preliminary types of life insurance are whole life, variable life, and universal life.

Whole life is a policy that includes a death benefit and cash value. Your beneficiary gets a lump sum no matter when it is that you die. Because of this, it is quite expensive with a lot of fixed commissions coming in the first year of the policy.

Variable life insurance is a form of cash reserve that builds up that can be used to invest. How much of a cash payout it can depend on how well the investments are doing.

Universal life insurance is a policy with a cash value that grows according to an interest rate set by the insurer.

There are advantages and disadvantages to all of these types. There is a policy out there for every type of scenario. Which is why it makes no sense that so many people are without life insurance.

Talk to a professional as soon as possible so that all the types can be explained. You’re sure to find the right policy for your needs.