Do You Really Need Life Insurance

Does anyone really need life insurance? The answer is yes along with a it depends. It depends on what your family and personal needs are. Just about everyone needs some type of life insurance. We have to get car insurance and home owners insurance because it is a requirement. It would make sense to insure the breadwinner. If the paycheck goes away, how do all of the bills get paid?

Everyone has a different answer because , again, it depends. On the financial services side, life insurance makes people think about death. Yes, it is going to happen and there is no guarantee of today. Young folks will tell you that they will get it later. If you are 21 and in perfect physical condition, 21 is a great time to get insurance. Insurance rates are primarily based on health. If you have high blood pressure, diabetes, or another medical condition, it is tougher to get a good rating for an insurance policy. You may get insurance but pay a higher premium. If you are young and healthy, in most cases, you can get a high dollar insurance policy at a low rate. For those that do this, you will look back on it and remind everyone how smart you were.

As you get older, even if you stay healthy, the rates will get higher. On television, you see a lot of commercials on guaranteed rates. Those rates can be high as the people that would get a high insurance rating still pay that guaranteed rate which doesn’t factor in what a persons health is. Simply put, a healthy person can potentially pay a very high insurance premium.

Most insurance policies, varies by state, have a free look period. When you process and make a payment on an insurance policy, you still have to get it approved. While you are waiting for approval process, you still have coverage as long as you made the initial payment on your policy. If it processes and the payment is too high, you can cancel the policy. You will receive refund for initial payment. There are times where the payment is lower. There is definitely a benefit to go through the process.

Your health screening for your policy is normally good for one year. If you got the best rating and low premium, you can use the screening again if you need more insurance. My example is myself. I am going to add a permanent life policy to my other insurance policies. I currently have the third best rating. Last month, I was diagnosed with diabetes type 2. I already have treated high blood pressure. Since I have a policy that was placed within the year, I can request to use the screening from last year. This allows me to keep a good rating and secure a decent premium. Otherwise, I am sure my premium will be higher or I may not qualify for insurance. Once again, it depends.

I would definitely say to get at least get information. You can shop around for best rates just like for car insurance. It makes sense to get life insurance to protect your assets . It also makes sense to get it while your age and health keeps the premiums low.

 

Author Bio: Believe that success is based on faith, family, and friends. Enjoy working on computer and helping businesses suceed. best insurance quotes

 

Tags: ,

Comments are closed.