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5 things you need to know before buying life insurance

If you think you don’t need life insurance, or you think it’s not affordable, here are five things you need to know.

  1. Single, young and healthy people need life insurance, too! Purchasing life insurance when you are young and healthy increases your chances that rates can be locked in at a lower cost than if you are older or have any health-related issues. Plus, having life insurance in place means that loved ones won’t have to worry about covering costs like final expenses.
  2. There are two types of life insurance – (temporary term) and (permanent universal life). Usually a combination of both of these products from ivari provides the most cost effective way to protect your family as your needs evolve.
  3. Term insurance is usually purchased for 10, 20 or 30 years terms. Matching the term purchased to your length of your mortgage can often eliminate the need for separate mortgage insurance.
  4. Life insurance can be designed to actually cost you less over time by using a combination of permanent insurance with an extra layer of term insurance for when you need added protection. When that need for extra protection is gone, so is the term insurance and you still have your permanent coverage in place for life.
  5. Deciding how much life insurance you need, and for how long you need it, doesn’t have to be complicated. My Insurance View, ivari’s online calculator, can help you figure it out.

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