Isn’t it easy to fall for insurance ads that claim, ‘Protect yourself with a few dollars’?This seems like a feasible and affordable deal, right? But is it the perfect policy option for you? Let’s find out.
We have prepared a list of questions that you need to ask before getting life insurance. Simply go through these typical life insurance questions and assess your requirements.
Who Are My Dependents?
It is necessary to consider all your dependents before purchasing a life insurance policy. If you have children, grandparents, elderly parents, or family members with special needs who depend on you, get the plan considering all these dependents.
For instance, if you have one child and one elderly parent, then your insurance should be able to cover your debt, sustain family expenses, and pay some amount for the child’s education.
What Amount Can I Spare for the Insurance?
The amount of premium and the type of policy should be decided considering the amount you can afford.
Of course, if you have a child with special needs or 2-3 dependents, you may want to purchase a plan which offers increased benefits, such as a permanent life insurance policy.
However, you should be able to comfortably afford the monthly premium. If you don’t keep up with payments, your policy can lapse.
What Add-Ons Can I Include in the Policy?
This is an important life insurance question to ask yourself. If you include add-ons in your life insurance policy, you are allowing your premium to increase as well. With that in mind, you can add premium return, permanent insurance, and convertibility benefit.
What Should Be My Insurance Coverage?
Lastly, you should know the number of years you will need life insurance. For example, until your child turns 18 or for as long as you live.
Additionally, if you are healthy, your premium can be a lot less, and you have more options. You can add a permanent cash element to your insurance and use this amount as your retirement savings.
Ask yourself these questions and accordingly customize your policy to receive the highest benefit. Do you have additional questions about life insurance coverage? If so, then contact the experts at Udell Family Insurance. We are ready to assist you with all your coverage needs today.