21 Feb How to Fit Life Insurance Into Your Budget
Life insurance can be more affordable than you think!
There’s a lot to think about when budgeting for a family, such as the rent, mortgage payments, food, utilities, clothing, car payments, education expenses, commuting, and more. Those expenses can start to add up, making you conscious of only spending what you need. Because family budgets can be tight, some people still fear that they can’t afford life insurance. However, a life insurance policy can fit into anyone’s budget! Here are some tips to help you find a quality, affordable policy.
Shop for a term policy rather than a permanent one.
A term policy is designed to cover you for a certain number of years, such as 5 to 30 years. Permanent insurance is just that – permanent. Such a policy stays with you for your entire life. While this is beneficial, a permanent policy comes with a higher premium. Term life insurance, on average, only costs about 5 percent of what an average whole life policy would cost.
Improve your health.
The healthier you are, the better your life insurance premium rates will be. The insurance company will use some combination of medical exams and health questions to determine your risk. If there is more risk involved for the company to insure your life, you will face higher premiums. A great way to lower your risk is to get healthier. You can quit smoking, keep chronic conditions well maintenance, and maintain a healthy weight.
Buy life insurance early on in life.
The younger you are, the lower your life insurance rates will be. Purchasing life insurance while you are young will keep costs low long-term, especially if you buy a policy with a fixed premium rate. Instead of waiting until you think you need life insurance, opt to purchase it now so that you can save later on in life.
Not convinced you need? Check out a few good reasons to buy life insurance. A comprehensive life insurance plan can protect your family and wallet. If you need help securing a life insurance policy is best for you and your family’s needs, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!