How much life insurance do you need?
That depends on your unique situation and how you’d like to best help your family.
From covering your kids’ school and college fees to mortgage payments to wiping out debt, or even replacing your yearly income, there are several options you can choose from to support your family – when you’re not around to do so yourself.
What options are out there?
The types of life insurance available vary greatly. Term life insurance, for example, can deliver your family a lump sum payout of $250K, $500K, or more in the event of an unexpected passing within a certain time frame.
Other forms of life insurance are also available that aren’t limited to a specific time frame. These come with varying payout types, from lump sum payments to regular installments or even retained asset accounts.
That said, term life insurance is often a great choice for young families. It not only offers your family a significant lump sum payment, but in general, premiums are generally much more affordable than full life insurance.
The sooner you get started, the better
As mentioned above, when it comes to term life insurance, the younger you are when you take out a policy, the lower your premiums – compared to what you might pay for full life insurance.
Some providers offer premiums for as little as $30/month, which can make it easier to factor into your family’s regular budget, and come with terms ranging between 10 to 30 years. In many cases, you can also choose to roll over your term life insurance to full life insurance.
However, the requirements you need to meet to qualify do vary depending on the provider.
Ethos, for example, is faster and more accessible, as they don’t require you to take medical or blood tests for coverage up to $2M.
All you need to do is answer a few questions, and within a few minutes, you’ll be presented with several different options for coverage that you can choose from – and even get covered on the same day.
Choose from a broad range of coverage
If you’d like to be insured for longer than 10-30 years, or simply want broader coverage, you might want to consider checking your options through a free online marketplace such as LifePlans.
LifePlans connects families with insurance companies and certified independent agents and brokers across the States – giving you a broad range of term life insurance options from which you can choose.
With coverage starting as low as $15/month and variable terms, LifePlans lets you quickly evaluate your options so you can choose a policy that will relieve your family of the financial burden of an untimely passing.
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Peace of mind
No matter what you choose, it goes without saying that having term life insurance will give you and your family greater peace of mind.
Allowing you and your family to live each day to its maximum, safe in the knowledge that you will still be able to support them and shield them from financial difficulties if something ends up happening to you.
