Life insurance is often overlooked, especially by younger people. To be honest, the thought of morbidity steers people away from even broaching this topic of insurance. It is important to become educated about life insurance at a younger age so you and your family can be better prepared as life and health situations evolve. Nobody wants to think of death, but this type of phenomena is an unfortunate universality for all humans. If you have been considering life insurance or want to know what it is and what it does, well take a seat and allow us to detail it all for you!
Let’s start at the beginning:
What is Life Insurance?
This type of insurance is important as it protects you and your family when there is an eventual passing. Why is it important? Well, life insurance acts as a financial safety net as it is aimed to leave a non-taxable amount of money at the time of death. Since funeral costs, and other financial situations may arise from a loved one passing, some life insurance payouts can help cover your mortgage, personal loans, car note, or family income replacement.
Can I get life insurance?
Absolutely. It is never too early to get individual life insurance for yourself. In fact, premiums are lower If you do choose a plan earlier in life than later.
What type of plan do I look for?
There are a lot of life insurance products out there and they all depend on your needs and what can fit within your budget. Here are a few main questions that should be asked when looking for life insurance policies. You will be asked the following information:
Family situation: How many people are there in your family, their relationship to each other, the dynamic of each person you want to add to a policy. Additional questions may be about individual or estate income, and geographic location of family members.
Age: Everyone’s age is important. Whether it is children or elderly adults, this is one of the main questions asked when looking for life insurance!
Health situation: Which family members may have any health issues. Whether any issues are pre-existing, or on-going medical problems, this information will determine what type of plans and quotes you may receive.
Employee or Employer? Do you or your family members work for different employers? If so, they may have life insurance from their employer. If this is a family business or self-employment; you may have to research and obtain a life insurance policy.
Life Goals? This is an interesting question. It is like when you are in an interview and the boss asks, “where do you see yourself in ten years?”. Well, we all aspire to do something and be somewhere as time goes by. Why you may be asked about your life goals will help your agent evaluate how much life coverage you should take out.
Common questions:
- Do you plan on having children?
- Where is your income now and where would you like it to be in the future?
- What age are you looking to retire?
- What are some common occupational hazards tied to your job?
While this process seems invasive, it is important to note that each answer will help your agent get you the best policy with a quote you will be satisfied with. As you talk with your agent, your answers may qualify you for some life insurance discounts. Some of these may be:
- A Discount for customers buying multi-policy insurance coverage. When you hear the word “bundle” in these plans, it could include life while also providing auto and renters or homeowners insurance policies!
- Specific pricing based on the age range of family members. Policies can cost less when younger people are added.
- Health credits and discounts for people without many or any ailments.
- Flexible policies/coverages, payment options and quotes as part of an organization, corporation, or network.
While everyone has their own ways of coping with loss, we hope that this information can help you make an informed decision on what life insurance coverage is for you and your family. Our goal was not to scare, but to inform and empower you!
If you have additional questions, please call us at 850.244.2111 to speak to your Agent. You can also email us at service@harrisinsurance.com.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
