But before you get life insurance quotes for you & your family, here are some questions to ask that will help in understanding whether or not you need life insurance. Do you cover just the earners in your household, or everyone? And, how long should the policies last?
These are just some of the issues we will now address:
Who Should I Cover?
It stands to reason that you would cover the people in your household who earn incomes. This way, should anything happen to one of them, you won’t be stuck trying to make ends meet with less money coming in.
But, it is also important to consider those who might not be earning salaries but still contribute to the way your household operates. If your husband or wife stays at home with your children, for example, losing them would mean that you would need to hire a day-care worker. This extra expense means that you will have more on your plate financially, even if your spouse didn’t bring in any money.
So, in addition to considering all of the expenses your family would incur if you were to pass away, think about how your family would cope if anything were to happen to your spouse or other close relatives.
How Long Does the Policy Last?
Different policies can last different lengths of time. This all depends on your circumstances, and how much you would like to pay in premiums. Policies can last 10 or 20 years in some cases, or the length of a lifetime in others.
What Are the Terms?
You could opt for level terms, which means that the payout is the same regardless of when the policy is redeemed. Decreasing terms, however, have the payout lessen as the policy moves on. This is usually to keep it in line with a mortgage, which decreases through the years.
Of course, these are just some of the factors you need to consider when looking at life insurance. But, fortunately, we’re here to help.
For any information from quotes to the best policies for you and your family, please contact us on 0860 93 94 93 and we’ll be more than happy to help.
