Life insurance may not be at the top of your list when you’re getting ready to make a big purchase, but it should be. As we get older, there are many important decisions to be made about our lives and the people we love who depend on us for their well-being and livelihoods. If you were to suddenly pass away without life insurance, what would happen to your family?
Work with a Licensed Adviser
A licensed life insurance adviser can help you find the best policy for your needs and budget. Here's what you need to know about working with an adviser.
When you work with a licensed life insurance adviser, you're working with someone who is regulated by the state in which they operate. This means they have to follow certain rules and regulations designed to protect consumers.
An adviser can help you understand the different types of life insurance policies available and find one that fits your needs.
What is life insurance?
Life insurance is a contract between an insurance policyholder and an insurer, where the insurer agrees to pay a designated beneficiary a sum of money (the death benefit) upon the death of the insured person.
Do you really need it?
No one likes to think about their own death, but it's important to have life insurance in case something happens to you. If you have a family or dependents, life insurance can help make sure they are taken care of financially if you're no longer around.
How much do you need?
The best way to find out how much life insurance you need is to calculate your human life value. This is the total amount of money your family would lose if you died today. To calculate it, consider your current salary, any other income sources, your outstanding debts, and your family's living expenses.
Common myths and misconceptions about life insurance
Life insurance is one of those things that most people know they need, but don’t really understand. There are a lot of myths and misconceptions out there about life insurance, so it’s no wonder that so many people are confused about it. Here are some of the most common myths about life insurance
Should you get it from your employer?
Your employer's life insurance policy might be a good starting point, but it's not likely to be the best option for you. Here's why:
1. Employer-sponsored life insurance is usually less expensive than an individual policy, but it's also less comprehensive.
2. Employer-sponsored life insurance typically only covers you while you're employed. If you leave your job, your coverage will usually end as well.
Choose wisely from over 6,000 plans at CompareHero.ph
When you’re looking for life insurance, it’s important to compare quotes from different providers to find the best coverage for your needs. But with so many options out there, how do you know where to start?
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