Following Auto and Home insurance, Term Life insurance is another type of
insurance that many families will consider obtaining. Term Life insurance is a
product that pays a lump-sum benefit to a designated beneficiary if the insured
person dies. It is a selfless product that people buy because they want to
ensure that their loved ones do not incur a financial hardship if they die
prematurely.
When purchasing Term Life insurance, there are a few points that people
should keep in mind. First of all, there are many ways of purchasing coverage
now-a-days. You can either search the web and buy insurance online, or ask
friends and family for a recommendation. Whichever way you decide to purchase
your Life insurance, be sure that you are working with an experienced advisor.
Term Life is a fairly simple concept to understand, but there are certain
details that an average person would never think of or look for. Work with
someone who actually asks questions and has an interest in helping you by
learning about your situation.
One of the first things to consider when purchasing Term Life is the
financial strength and reputation of the company you are buying from. This will
add to the level of comfort you have once you've purchased your policy - you'll
know that your family is protected and that the company you chose will still be
around thirty years from now. Additionally, you should look for a policy that
provides a conversion option. A conversion option is a privilege, certain
policy owners have, to exchange their term life policy for a permanent life
policy, regardless of health. Being that circumstances change and our health
usually deteriorates with age, conversion options can be very important.
The true value of working with an experienced advisor can really be noted
when it comes to designing your term life policy. The two most important
factors when designing Life insurance are: how much Life Insurance you should
have and how long you will need it for? There is no magic to figuring out the
appropriate amount of coverage, but an experienced advisor will best be suited
to assist you in assessing your overall situation and overall needs.
Term Life insurance is a very inexpensive type of insurance to have. For
this reason, your focus when purchasing coverage should be on obtaining what
will best protect your loved ones. A 35-year old earning $100,000 a year is
expected to create over $3 million by retirement age. If he/she dies
prematurely, his/her family could experience a substantial financial hardship.
Interestingly enough though, most people insure little beyond their mortgage
value. In order to truly protect your family from a financial hardship, you
must take everything into effect, not just how much you owe on your home.
Next to deciding how much coverage is most appropriate, you will also need
to decide how long you will have a need for Life insurance. Depending on the
age of your children, the number of years before retirement, and how prepared
you are for retirement will all affect the duration for which your Life
insurance should extend, along with a series of other things. An experienced
agent will be able to help you determine whether Term insurance is the best for
you, or if you should also include Permanent Life insurance in your planning.
Life insurance protects your family, something that is very important to
most people. It is important that you take the time to do the right thing and
it is impossible for someone to make a recommendation without knowing about
your personal situation. The internet is a great place to purchase Life
insurance, but you should be careful and make sure you find quality sites where
you'll be working with an experienced professional.
Michael Kortz is a Financial advisor that has been providing insurance and
financial planning to individuals and businesses since 1999. To review your
Life insurance needs with Michael, call 866-606-2261 or visit http://www.tfp8.com
About the author:
Michael Kortz, RFC, RR is a Registered Financial Consultant (RFC) who holds a degree in Economics from the University of California at Irvine. He has been an insurance broker since 1999 and has received the Health Insurance Professional designation from the National Association of Health Underwriters. He operates a boutique insurance brokerage firm in San Clemente, California. He offers complimentary policy evaluations and can be contacted at (866) 606-2261.
Michael Kortz, RFC, RR is a Registered Financial Consultant (RFC) who holds a degree in Economics from the University of California at Irvine. He has been an insurance broker since 1999 and has received the Health Insurance Professional designation from the National Association of Health Underwriters. He operates a boutique insurance brokerage firm in San Clemente, California. He offers complimentary policy evaluations and can be contacted at (866) 606-2261.
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