Protect your family with life insurance
Nothing says adulting like life insurance. Most of us have heard of the oh so ominous adult responsibility of having life insurance from our parents or salesmen calling our phones trying to get us the best deal. Although it seems like this is only a conversation for the soon to be retired, a life insurance policy is actually more beneficial, and cheaper, when purchased early in life. In layman’s terms life insurance is simply a contract where you pay a premium in exchange for a company to pay a lump sum to your beneficiaries after your death. Life insurance is important because it protects your family from the potential burden of financial losses that could result in your passing.
Life insurance can not only subsidies your final expenses, it can also replace income and transfer wealth. If you are the head of your household and maintain a certain financial stability, having life insurance can make sure that your family can maintain their standard of living and close the wealth gap from one generation to the next.
All life insurance falls under two major categories, Term life insurance, which is typically sold in lengths from on to 30 years. This policy is the most common because it is often the most affordable for most people. The one downside of term life insurance, is that if you outlive your policy your beneficiaries wont receive a payout. The second kind of life insurance, is permanent life insurance. This form of insurance lasts for your entire life, but it typically is more expensive depending on the type of policy.
Some of the things you should consider when choosing a policy, is timing , and quality. The earlier you can get a policy the better, and cheaper it will be. If you have children, get a life policy for them as well in order to relieve any financial stress of the unfortunate. When shopping around for policies, make sure to find a policy that fits you. Compare multiple quotes and the coverage options. Do your research! There are plenty of insurance policies that offer the same coverage & benefits, but at different prices. 50% of the population estimates the cost of life insurance at more than 3x the actual cost. Doing a little digging can save you money in the long run. In order to save you time right now, check out this list of top life insurers in the US:
