4 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 4 things you need to know.
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.
There are two types of life insurance – (temporary term) and (permanent universal life). Usually a combination of these products from ivari provides the most cost effective way to provide long term protection for your family.
Term insurance is usually purchased for 10, 20 or 30 years terms. Matching the term purchased to the length of your mortgage can often eliminate the need for separate mortgage insurance.
Life insurance can be designed to actually cost you less over time by using a combination of term insurance and permanent insurance. Term insurance provides an extra layer of protection for the time you need it most, like when you have a mortgage or a young family. When that need for extra protection is gone, so is the term insurance and you still have your permanent coverage in place for your lifetime.
My Insurance View, ivari's online insurance calculator, can help you understand how to layer permanent and term protection to best meet your needs.