Food 4 Thought.
Forbes has 4 helpful tips on Life Insurance:
1. Know Why You Need Life Insurance: The purpose of life insurance is to provide financial support for your dependents if you are no longer around to do it yourself.
2. Understand the Type of Policy You Need: There are two basic types of life insurance policies: term life and whole life. Term life insurance policies last for a specified period of time. Term life is less expensive than whole life because it usually expires before the benefits are used. Whole life insurance lasts from the day you the policy until the day you die, no matter.
3. Know When to Choose Term: If you are in a situation your dependents will not rely on you financially forever, your best bet is probably a term life policy.
4. Know How Much to Buy: Understanding the potential needs of your beneficiaries can also help you decide how much insurance you should have. Don’t follow any “rule of thumb” guidelines you may read. Your needs are specific to you. Your decision will depend on the math.
Reach out to me with any questions about your specific needs.
