Need a life insurance policy? Run through these questions first.
The ideal life insurance policy offers your family protection that extends beyond your lifetime. Through this insurance product, you have the power to continue to care for your loved ones after you’ve left this earth. That’s why it’s so important you get the right policy.
To choose the best life insurance policy for your family, ask yourself these important questions.
- What’s my expected income? You can’t just base your life insurance policy’s death benefit (i.e. the money it will give your loved ones) on your current income. Instead, project how much you expect to earn by multiplying how many more years you expect to work by how much you expect to earn during those years. That’s the amount your life insurance policy should cover.
- What kind of funeral do I want? The amount your policy should cover as far as funeral expenses will depend on your preferred burial method. It might seem morbid, but figure out how you want your funeral to look and make sure your policy can cover that cost.
- What are my financial goals? Are you paying off a mortgage? Saving for college? Get a death benefit that can keep your loved ones on track towards those goals!