What is the Best Life Insurance for Me?
Choosing the best life insurance for yourself can be a difficult task. There are so many life insurance companies available that it can make your head spin. Don’t worry, we are not a life insurance company, so we cannot sell you a policy and because of this you can expect some non-biased advice on the best life policy for you.
What to do
- Get your affairs in order. (plan ahead using this and other resources)
- Assess your assets and get an idea of your net worth (what you own minus what you owe)
- Assess your life insurance needs based on your total assets
- Find out what it takes for a burial in your area. Then add this number plus 50% to the total estimated life insurance needs amount.
- Have any children? Consider adding an amount for grief counseling.
- Married? Consider adding an amount to cover your income for counseling and for lost work due to graving.
- A good rule of thumb is to take your annual income and then multiply that number by 8. This is a good place to start to assess how much life insurance you need. It may sound like a lot, but when you factor in burial expenses, debt pay-down, lost work due to grieving, etc. the totals can add up really fast.
What not to do
- Don’t get in a hurry. When I say this I do not mean its okay to wait a year to make a decision. I mean you should take your time while looking at the data and don’t hurry into the first policy that is offered to you. Do your homework first.
- wait too long – Don’t wait until you health has failed to start looking and getting rates. When I was actively selling insurance this used to drive me crazy. People would wait until they were dying, then want me to get them a policy. Who in their right mind would take that risk? Not me, and the insurance companies wont’ insure them either.
- Pass your expenses off on someone else when you die. I’ve actually had people tell me that they didn’t care if they passed their debt and bills onto their loved ones. That’s great, and really tacky. Take care of your affairs before its too late, before you pass away, so others don’t have to deal with negligence.
Final thoughts on the best life insurance
Find a company that offers very good customer experience. This may seem difficult to find at first. When you find a good company like Primerica (for example) have them help you get the best policy for you. AM Best offers lots of helpful information when trying to find a reputable company.
Many people are so freaked out by the thought of death that they don’t want to think about life insurance. Which is worse? You thinking about life insurance now before you pass away, or waiting and letting someone else think about how you didn’t prepare and left them with all the responsibility and financial burden associated with it?
I can tell you that I would want my family thinking about, and its not going to be finances.
I’m hoping they might actually miss me, but more than anything I hope they find me to be responsible and honorable that I took care of all this for them ahead of time so they didn’t have to.
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