Term life insurance is suitable for young parents. This is coverage in case you die. Your family will have some income. This much needed expense is because of economic trends and medical advances. Working couples who are in their 60s and waited to have children and may still have dependent children are another group. There are blended and new families who should consider getting insured. The same for couples in second marriages. A satisfactory death benefit is necessary in the case your spouse outlives you. It is important to make sure your life insurance is updated.
Things to consider
Now you may wonder how to get the best value. People who work and have children and a stay-at-home spouse should have at least $1 million in coverage. You can estimate how much money you need to support your kids through college and spouse through retirement. To do this, calculate college cost, mortgage , and your spouse’s income needs. A financial planner for a fee, can help you instead purchasing a brand of insurance for a commission. Also online, are calculators provided by the American Institute of Certified Public accountants.
What is best for your Family?
The next step is knowing which policy is best for your family. Insurance agents sell a variety of products. Term life insurance is protection if you die within a certain number of years. Term life insurance is lower in cost than permanent.. For wealthy people over 60 it can be used for tax advantages and estate planning.
Do I qualify?
You may not be sure if you qualify. If you are in your 50’s or 60’s the premiums will be higher. Even if you are not in perfect health you can be insured. You can be covered if you have cancer which was treated and your prognosis is good a year later. If you are 60 with cardiovascular disease you can still get coverage at or near the rate six to 12 months later. No matter what condition of health you are in, get a physical from your family doctor before you apply, so there are no surprises. Whatever the doctor orders you should follow the advice. You should get serious about your health by cutting down risks. Quitting smoking seems to biggest way to reduce premiums. There are other lifestyle changes that can save you ten of thousands of dollars over the course of the policy. Consumers can shop online on sites such as Accquote.com, Selectquote,com, and FindMyInsurance. They let you search for term life insurance quotes.