Your finances affect those closest to you, whether you know it or not. Imagine not being here to tie up those loose ends you always meant to resolve for your family. Beyond Finance understands making final arrangements for loved ones is hard enough without the pressures of financial woes. A life insurance policy is one way to ensure both you and them know whatever happens, everyone is covered.
The thing about life insurance is you don’t need it until you need it. According to Choice Mutual, 69% of Americans don’t believe they understand life insurance, meaning they’re less likely to have adequate coverage.
It can be hard to plan for the unexpected. Here are a few things you may want to consider when planning for the future.
Have the Difficult Conversations
It can be challenging to bring up topics about life being different as you know it. However, consider how light the burden becomes during the loss of a loved one if you can handle the finances first. Avoiding the conversation or assuming someone already has arrangements can cause great distress if you find out otherwise.
TruStage offers some good tips for starting the conversation about life insurance:
- Pick the right time and place
- Assume as little as possible about doubt
- Center the discussion on goals
- Provide strong data
Compare Your Options
Start with the basics and consider whether you want term or permanent life insurance. Term life insurance is only for a specific period and is usually created for a particular time (10 to 30 years). Permanent life insurance will be honored for a lifetime, and you can add different variables.
Next, try using a website like Policygenius that compares plans and companies based on your needs. There are many life insurance policy companies; finding the one that fits your needs can be a lot of work. Even after thorough research, it can be daunting to keep up with the specific benefits details, like how much your monthly payments will be over time.
Lastly, reach out and speak with someone to talk through your quotes. Make sure you know the ins and outs of your policy. Understanding some terminology can be challenging, so speaking with someone with experience owning or selling a life insurance policy can be helpful.
Update As You Need
Having a policy is excellent, but it’s essential to keep it current and review it every so often. Circumstances in life can change anytime, so make sure your policy keeps up. You can always contact your company and change your beneficiary, address or plan. Remember, you are the author of your policy; do what is best for you.