If you didn’t understand the importance of life insurance before, the seriousness of the novel coronavirus has brought planning for any future to the forefront of many Americans’ minds. What would happen if you got very sick? Would your family be protected from any financial debts you could leave behind?
We all know the purpose of life insurance is to protect your loved ones and we are here to protect your good life. For this tip on life insurance, we wanted to bring in Shawn Shea, a local financial advisor, to give you the information you need to know during this time about term life insurance.
It’s difficult to plan for an untimely death, but it is something worth doing to ensure your loved ones are protected. If you died, would the house payment be covered with the absence of your income? What about car payments or medical bills? Answering these questions and determining how much would be needed to cover current necessary expenses are part of determining how much life insurance coverage you need.
You may be wondering if insurance companies are even writing term life insurance policies during this time? The answer is a resounding, “Yes.” In fact, a lot of companies have changed the process so that more life insurance is easier to obtain. For instance, you are able to get higher coverage without needing blood draws. While the coverage may have been cut off at $250,000 before needing a blood draw, you are now able to get a higher amount.
You may be wondering how expensive term life insurance is right now? The reality is that term life insurance is very affordable, and rates have come down dramatically. Since term life insurance is only applicable for a set period of time, it is cheaper than complete life insurance. Determining the amount of coverage you need will impact the monthly premium. A higher rate of coverage will be more expensive than a lower amount.
Aksarben Insurance has access to dozens of life insurance companies to make sure you have options to get the coverage that is right for you and your family. Reach out today for a free quote.