Life Insurance Tips

LIFE INSURANCE DOES NOT HAVE TO BE A CHORE

Life insurance is a topic none of us really enjoys talking about because doing so acknowledges the fact that someday all of us will pass on.  They say the only certainties in life are death and taxes but we don’t agree. Life is another certainty – not our own but those around us.  It is for them that life insurance serves a vital purpose – to provide a financial safety net for those left behind.

Starting a discussion with one’s family about life insurance is hard enough.  Here are some suggestions that we have found to be effective.

1. Do Some Initial Research Before the First Conversation.

Go online to familiarize yourself about the different types of life insurance options available. Just as important, learn about some actual, real-life situations in which life insurance has helped people avoid difficult financial situations.

2. Think Affordability

In our conversations with people in our area, we hear worries about the cost of life insurance and then pleasant surprise about its actual cost.  Past studies indicate that as much as eighty percent overestimated the cost of life insurance.  Term life insurance, which provides coverage for a specified period of time, can be very affordable, fit tight budgets and can often be converted to a permanent policy within a certain period.  Term life is also easy to understand and to obtain a preliminary quote.

You can then explore other options such as whole life and universal life.

3. When’s The Right Time to Talk?

Pick a time when you and your spouse are not stressed out and short on time.  Explore your options, discuss your concerns and write down any questions you need answered.

4. Don’t Wait Too Long

Knowledge is power as the saying goes.  If you do some basic research upfront it will become easier to talk about specific s instead of in the abstract.  Life insurance costs rise with age so it pays not to put if off.