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As we outline financial objectives for the year, it’s essential to include a less cheery topic- life insurance. The idea of purchasing life insurance can seem grim as it is an investment you won’t profit from personally. Nonetheless, it’s vital for securing your family’s future if you’re no longer around. Indeed, obtaining term life insurance quotes for individuals over 80 can be challenging, so it’s wiser to make these provisions well in advance.
The following accessible steps will guide you towards obtaining life insurance this year.
STROLLING TOWARDS LIFE INSURANCE IN 4 EASY STEPS
1. Health Matters: The Gen Xers and Boomers, both on the brink of retirement, feel unprepared for their financial future, as per a John Hancock survey published today. They recognize health and wealth as integral to their overall wellness and aspire to enhance both. Several life insurance firms do not necessitate health background checks, but these are not your safest bets. Opt for a life insurance company that conducts a health examination, assuring better initial costs and post-death benefits. If your health is not at its peak, strive for improvement to avail cost-effective life insurance policies. It might seem daunting to lose weight or quit medication to reduce your life insurance premium, but it is a healthier choice. John Hancock’s Vitality life insurance, pioneered in April 2015, allows customers to save on their premiums and earn rewards by leading a healthy lifestyle.
2. Don’t Consider it an Investment: Approach life insurance as a safeguard, not an investment. It’s usually better to buy term life insurance over whole life insurance, particularly for younger adults. It’s more economical and provides adequate coverage.
3. Calculate Your Insurance Needs: Estimate the financial needs of your kin after your demise. Compare your current expenses, funeral charges, and the future requirements of your spouse and children. Despite feeling healthy and anticipating a long life, being prepared for any eventuality with appropriate term life insurance is prudent. If you lack dependents, have no funeral expenses, or your employer provides satisfactory life insurance, you might not need additional coverage.
4. Insurance Budgeting: The simplest way to afford life insurance is using your employment benefits. If the cost is deducted from your wage before you receive it, it will hardly be noticeable. The cost of term life insurance is quite manageable, but some individuals find it difficult to spend the $200-400 annually. To make it more palpable, think of saving just $20/month; this should suffice for most term life insurance plans.
It’s challenging to spend on something that doesn’t appear to be an urgent necessity; this is true for all insurances. No one enjoys paying an extra $100-300 per month for auto or health insurance, primarily without recent accidents or medical consultations. And yet, it’s the rare occasion of an unfortunate incident when you’ll appreciate your insurance. Consequently, having term life insurance is advisable, especially if you have dependents.
Have you purchased life insurance? Does your coverage sufficiently safeguard your family?
(I wrote this review in return for a payment. While the article is sponsored, all views expressed here are my own.)
