Why buy life insurance?

There are many reasons people purchase life insurance, but in general people are looking for a way to provide financial stability to those that they leave behind. You might want to cover immediate expenses like end-of-life costs and/or provide funds for housing, education, and other future expenses. When the unexpected happens, the last thing you want your loved ones to have to worry about is how to pay for a funeral or how they will cover the mortgage.

Finding the right life insurance policy can be overwhelming, especially if you don’t know what to look for in a policy. Insurance Best Prices can help you secure the best price for the policy you need and make the experience more convenient.

Is a life insurance policy worth the money?

You might be questioning if a life insurance policy is the best use of your hard-earned income. Luckily, life insurance policies can be more affordable than you might think. There are two main types of life insurance: term life insurance and permanent or whole life insurance. The most customizable option is term life insurance. A policy can be built to meet your needs and budget. With a term life insurance policy, you choose the period of coverage. This period is typically 10, 15, 20, 25, or 30 years. If the unexpected should happen, your loved ones would receive a sum of money from your policy. If you are the primary earner for your family, having life insurance provides financial security for your loved ones and will have a huge impact on their future. It’s hard to put a price on that type of security and peace of mind.

What if I outlive my life insurance policy?

Once the term period ends on your term life insurance policy, you can continue your policy on a year-to-year basis at a higher premium. Your insurance policy won’t end, but the rate at which you were paying does. Here are two options you take if your life insurance coverage is about to expire.

1. Keep Your Policy. If you are in poor health, it’s typically wise to keep you existing policy. Life insurance becomes more expensive as you age, so you will want to explore all your options before accepting a higher premium for your coverage. You might want to consider final expense insurance instead or other form of savings.

2. Comparison Shop. If your life insurance policy is coming to an end, it’s a good time to start shopping around for cheaper/better coverage. The cost of your existing policy is likely to increase, but Insurance Best Prices can help ensure you receive the coverage you need at a price that still fits within your budget.

3. Change Your Policy Type. Term life insurance policies provide flexibility, but they do come to an end. You can convert a term life policy to a permanent life insurance policy like a whole life insurance policy without having to do another medical exam or answer health questions if you convert your policy by a certain age.