Choosing which life insurance policy works best for you is a very serious decision. How we’re able to take care of our loved ones after we’ve passed on is very important, and one of the few decisions that can’t be fixed if done improperly. Here are several tips to follow during the tricky business of choosing life insurance policies, and keeping your loved ones secure.
Do Not Procrastinate: A vast percentage of Americans feel they are under-prepared should the worst happen. Nearly one-third of our population feels that if they lost the primary wage-earner of the family, they would suffer severe financial woes along with the obvious personal toll. Though not thought of as necessary in the height of youth, life insurance is cheaper when purchased early in life. Premiums increase with years and climbing blood-pressure, so secure a policy early if you can.
Shop Around: Part of purchasing a plan before it’s a problem for you, shopping your options is the best way for you to save every more money in the long run. With so many online resources for measuring company reliability, rates and reviews, you could easily leave money on the table, or deprive your loved ones of that money should the time come where they need it. Prices will range based on your age and health, so be sure to do your homework before jumping into any type of policy.
Beneficiaries: The most important and complicated portion of choosing your policy is where the money should go when it’s time to be dispersed. But before you go assigning who is due what, you’ll want to remember some quick facts. When choosing your beneficiaries, it’s best to keep your children out of the proceedings if they are minors. Should they be without a guardian, the court will tie your money up in a series of proceedings that could drain your money by way of lawyers and court costs. By naming a Trust your beneficiary, you can ensure that your money will be kept in responsible hands for your children when they come of age.
Be Open: The subject of life insurance is oftentimes avoided at all costs. Few people like to consider their own demise, and planning for it can cause some to panic. Death is the only certainty the living can be sure of, and openly discussing it with the family not only helps to alleviate concern, but demystifies a process that for many has come to represent a massive clock, ominously ticking down the seconds they have left.
Life insurance may have a dark connotation, but that’s only if you frame it in its most morbid light. Life insurance is not about protecting your own life, but the lives of those you’re closest with. Don’t think of it as an end, but rather a continuation, an echo of the love you so willingly gave in life continuing its resounding chime.