5 Life Insurance Tips You Should Know

You see, life insurance can be pretty confusing. There are so many different policies with different rates and features that it can overwhelm you trying to decide what's best for your situation. And I don't blame you if you're not quite sure where to start. However, there is some really good news: getting life insurance isn't as expensive or time-consuming as you might think. Having coverage can help protect you and your family in the event of an unexpected tragedy, so it makes sense to have it — as long as you are doing everything right. So, let's break down 5 different life insurance tips you need to know for getting the right policy.

1) Whole or Term Life Insurance - What's the Bottom Line?

When considering life insurance, one of the most important factors to understand is the difference between term and permanent insurance. Your trusted professional can help you determine if one, or both, may be the best for you. Now, there are several factors that will affect the cost and availability of life insurance. Some factors include age, height/weight, medical history, and even hobbies.

Need a breakdown of term vs. permanent insurance? Check out our free guide below:

2) Consider Buying Sufficient Coverage Early On

As a rule, the price of life insurance increases as you grow older. Learning more about your choices may help you manage life insurance costs over your lifetime. According to PolicyGenius, on average, your insurance costs as you age will raise between 4.9%-9% every year. And that's assuming your health stays the same.

3) Insurance vs. Retirement - Which Comes First?

The answer is both! As long as you can manage it, both play an essential role in your short- and long-term strategies. This is where having a healthy balance of your accounts comes into play. Don't worry if you struggle to figure it out yourself. Having a financial professional to help may be your best option!

4) Should I Consider Life Insurance?

Long answer short, yes. There are many reasons to get or update your life insurance. If you're considering life insurance, ask yourself these questions:

• Do I have children or dependents?
• Do I share household finances with a spouse?
• Do I own a home?
• Do I own a business?

If you answered yes to any of these questions, it might be time to take the next step in getting life insurance. Check out one of our videos explaining why your insurance may be in need of an update.

5) Starting a New Chapter

With the children now out of the house, financial priorities become more focused on preparing for retirement. In addition to wealth protection, you may now be seriously contemplating several estate and legacy objectives. You’ve built a nice nest egg and you’re ready to retire. You might not be aware that even in retirement, your permanent life insurance policy can do a lot for you. For instance, history proves that every few years, the market goes down. During these down periods, you can use your cash value instead of liquidating your market-based assets, and instead give them time to recover.?Your cash value can help you maintain your pre-retirement standard of living and retire the way you want to.

Life insurance can be confusing. You may wonder if you really need life insurance, how much coverage to get and how much it will cost. Dont worry. We've got the tools, tips, and resources to help you make a smart decision about life insurance for your family.

If you need any help with your policy, don't hesitate to reach out!