Are you still confused about whether you need life insurance or not? Even experts agree that life insurance is very complex, but knowing what this type of insurance can do can help make things simpler to arrive at the best decision for you and your dependents. Here are some things that you may not know about life insurance.
If You Have a Family, You Need Life Insurance
If you have a spouse, old parents, children, or any dependent, then you need life insurance to help them in case you pass away. But if you're retired, all your children are employed and self-sufficient, then you may not need life insurance. Instead, you can use life insurance as a financial investment.
It Is Not an Investment
As we mentioned earlier, you can only call life insurance an investment if you don't have any family member or spouse relying on you. Some life insurance coverage comes with an investment feature that offers some tax privileges. However, there is still a better tool that you can use.
You don’t need an insurance product with an investment feature if you don’t have financial liabilities like non-mortgage debts, education plans, or large credit purchases. Talk to your life insurance agent to find out more about using your policy as an investment.
Expensive Life Insurance vs. Inexpensive Life Insurance
If you want a policy that comes with total coverage, you need to pay expensive monthly premiums. However, there are affordable policies that carry good coverage. If you're a healthy, never-smoked, mid-aged man, then you may be asked to pay $500 less a year for life insurance with a 20-year term and a million-dollar benefit.
Meanwhile, some people who are not as lucky with health conditions, smoking history but are at the same age may be expected to pay ten to twenty times more. Some people with health problems may even be declined for coverage.
Know When to Cancel
If you already have life insurance and you think that it's not working for you or you don't need it anymore, talk to your agent to see if you can upgrade or cancel your policy. And if you think you have overpaid but still require life insurance, don't cancel until you have better coverage.
Conclusion
Life insurance keeps your family; your dependents are protected no matter what. Contact your agent to find out more about your coverage if you need an upgrade or a new policy in case the current one is not working for you.
At Meyerson-Roth Co. Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 432-5800. Get your free quote today by CLICKING HERE.
If you have a spouse, old parents, children, or any dependent, then you need life insurance to help them in case you pass away. But if you're retired, all your children are employed and self-sufficient, then you may not need life insurance. Instead, you can use life insurance as a financial investment.
It Is Not an Investment
As we mentioned earlier, you can only call life insurance an investment if you don't have any family member or spouse relying on you. Some life insurance coverage comes with an investment feature that offers some tax privileges. However, there is still a better tool that you can use.
You don’t need an insurance product with an investment feature if you don’t have financial liabilities like non-mortgage debts, education plans, or large credit purchases. Talk to your life insurance agent to find out more about using your policy as an investment.
Expensive Life Insurance vs. Inexpensive Life Insurance
If you want a policy that comes with total coverage, you need to pay expensive monthly premiums. However, there are affordable policies that carry good coverage. If you're a healthy, never-smoked, mid-aged man, then you may be asked to pay $500 less a year for life insurance with a 20-year term and a million-dollar benefit.
Meanwhile, some people who are not as lucky with health conditions, smoking history but are at the same age may be expected to pay ten to twenty times more. Some people with health problems may even be declined for coverage.
Know When to Cancel
If you already have life insurance and you think that it's not working for you or you don't need it anymore, talk to your agent to see if you can upgrade or cancel your policy. And if you think you have overpaid but still require life insurance, don't cancel until you have better coverage.
Conclusion
Life insurance keeps your family; your dependents are protected no matter what. Contact your agent to find out more about your coverage if you need an upgrade or a new policy in case the current one is not working for you.
At Meyerson-Roth Co. Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 432-5800. Get your free quote today by CLICKING HERE.
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