Why Consider Life Insurance?
There are many reasons to buy life insurance. Here are some of the most common factors:
1. You are pregnant or having another child.
2. You are getting married.
3. You are getting divorced.
4. A family member or friend has gotten a terminal illness or died.
5. You are buying a home.
6. You’ve increased your financial debt.
7. You need to cover funeral expenses.
Unlike permanent life insurance, term life insurance is for a finite period — usually 10, 15, 20, 25, or 30 years — and is renewable. It’s cheaper than permanent life insurance and is an effective way to financially help your dependents if you unexpectedly die during your prime working years. Your spouse, children, or both are paid a sum of money, for which you take out an insurance policy.
When you look for life insurance, you should take a couple of things into account. First, consider the financial health of the insurer. The company needs to have the ability to pay for a claim when you or your beneficiary makes one.
Second, look for disability protection and end-of-life care. If you’re disabled and unable to pay your premiums, your insurance policy should still be intact. And with end-of-life care, you will be able to draw on the value of the policy to meet expenses for life-saving care if needed. We've compiled a list of the best term life insurance companies to help you out.