Having a life insurance policy in place is important not just to you, but the well-being of your partner, family, and relatives. It helps meet a lot of financial needs in times of difficulty. Not having one can be likened to boarding a plane without a parachute or driving a speed boat with a life jacket. In a situation whereby the breadwinner of a family dies without any life insurance plan, such a person’s family members will be thrown into utter financial despair due to the fact that they would have nothing to financially lean on. However, setting a life insurance policy in place can help cushion the effect upon the demise of the insurer.
In this article, we will discuss how you can get a life insurance quote. However, we need to know what life insurance is. Life insurance is a contract between the insurance policyholder and the insurer or assurer, in which the insurer’s beneficiaries get a lump sum based on the financial term defined in the contract upon the death of the insurer or after a specific period of time. It guarantees financial security by regaining lost income and offset expenses.
How Much Life Insurance Is Needed?
Finding how much life insurance you need is not as herculean as you think. All you need is to answer some few questions and do some simple calculations. This way, you can come up with an estimate of your life insurance needs and find out which life insurance policy works best for you.
Types Of Life Insurance
There are various types of life insurance policies you can access, depending on your financial needs. They are as follows:
- Term Life Insurance
- Whole or Universal Life Insurance
Term Life Insurance
This type of insurance typically covers a stipulated period of time. It provides an ideal avenue of income to the beneficiaries upon the death of the insurer. This policy helps cover expenses and debts such as those incurred from a mortgage. Insurers of this policy may be entitled to a no-Med Exam policy. Also, you do not need to sit for a medical exam again if you want to make changes to the policy, as you will only be required to provide a number of detailed financial, health, and hobby questions.
Whole or Universal Life Insurance
The universal life insurance policy provides coverage for the insurer’s lifetime, so long as the terms and conditions are met. It is a source of income for your beneficiaries and can help with estate planning.
What Life Insurance Is Ideal For Me?
Choosing a life insurance policy is dependent on your situation and needs. However, the two types of life insurance are ideal for various individuals.
Term life insurance policy is a great choice for main breadwinners, house owners, stay at home parent, and business owners.
On the other hand, universal life insurance policy is an ideal choice for high net worth individuals. It helps finance funerals and provides an inheritance for survivors.
What Do I Need To Know Before Getting A Quote?
Here is a list of what you should know prior to getting a life insurance policy quote.
- Vital information pertaining to your medical condition, occupation, and income level.
- Cost of outstanding debt accrued from loans, mortgage, and others.
- General medical information on your weight, height, cholesterol levels, and blood pressure.
With these factors, you can get the right quote for your insurance policy. If you would like to know more about where to get a life insurance quote, please visit this link: life insurance quote