Purchasing Life Insurance: Key Questions to Ask

Purchasing life insurance is not something to be done lightly. It requires researching various policies to find what works best for you, your family, and your budget. Here are a series of questions that can help you as you shop for the best policy.

  1. Do I Need Life Insurance?

It’s easy to say everybody needs insurance, but what will you use it for? Take a moment to consider the lives of your loved ones in the event of your passing. You may want to purchase life insurance to:

  • Protect family income.
  • Care for a spouse or children.
  • Leave money to charity.
  • Cover their outstanding debts.
  • Support a child with special needs.
  • Pay for funeral and burial costs.
  1. How Much Coverage Do I Need?

It may take some calculations to determine the actual amount of coverage you need…

  1. How Long Do I Need My Coverage to Last?

Insurance can be purchased for a specific term, for example, 10, 20, 30, 40 years, or a lifetime…

  1. Do I Need a Cash Value Component?

Whole life insurance offers a cash value component that could be useful…

  1. What is My Current Ability to Pay?

Your income is a consideration when choosing a policy…

  1. What Type of Life Insurance Best Suits My Needs?
  • Term life insurance: This lower-cost option provides coverage for a specified time for a set premium that does not change.
  • Whole life insurance: A pricier policy that provides a death benefit for a person’s lifetime…
  • Universal life insurance: A version of whole life insurance that offers flexible premiums…
  • Variable life insurance: A whole life insurance option with an investment component…
  • Burial insurance: A policy focused only on covering end-of-life expenses…
  1. Which Insurance Provider Is the Most Dependable?

When it comes to keeping your loved ones safe and debt-free, trusting a high-quality, financially stable institution is crucial…

More Questions? We Have Answers.

You probably have some specific questions about a policy tailored to your needs. That’s why we are here. Call our office today to talk to an experienced insurance agent who can help you make the best decision on the best policy for you.

Keats Insurance Agencies | (516) 354-4849

Source: Read more