Life Insurance Solutions for New Families
What Considerations should a new family consider when shopping for life insurance
If you have a young family, odds are your primary goal when it comes to life insurance is making sure your spouse and children are taken care of if something happens to you.
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Recommendation to get the right coverage:
Here is what we recommend you do to be sure to get the right coverage:
Determine the amount of life insurance you want – Buying life insurance for your family is a statement that says “I love and care about you. I want to provide for you no matter what happens to me.” Therefore, the best exercise to do before you buy life insurance is to imagine everything you hope for your family in the future.
Think about your career goals and imagine a future where everything goes perfectly. What would their future be life when you are always there providing for them?
Would you want it to change and be harder or would you want that future to be the same? That is just one of the powers of life insurance. It allows you to continue to provide for your family income and resources they need to have the best possible future in the event you are no longer there. Without life insurance, their future becomes a lot more uncertain.
Use our life insurance calculator to determine the amount of life insurance coverage you would want to provide that future to them.
Social Security Benefits – If you have young children, don’t forget to factor in the amount Social Security will provide to your survivors. This can be a substantial amount and can reduce the amount of insurance you need to create the future you’d want your life insurance to provide.
Additional Benefits – Some life insurance policies provide more than just death benefit protection. Some term, universal and whole life insurance policies have additional protections that can provide money to your home if you experience a covered event. For example, some life insurance policies can provide substantial lump sum benefits if you experience a heart attack, stroke or cancer.
Other policies can provide monthly income for several years if you become disabled. Lastly, some policies pay for a policy owner to create a trust that will protect the life insurance proceeds from lawsuits and control how the proceeds are spent. You probably do not want your child to receive a large lump sum of money when they turn 18 to do whatever it is they want to do with it.
This can happen without the right estate planning, but some life insurance policies have a solution built right into them.
Determine the type of policy you want – Cost is a factor for insurance. The longer the term, the more the premium required. Don’t hesitate to split your life insurance requirements between 2 or more policies This way, you can have the coverage you need today and the flexibility to reduce coverage in the future as your assets increase.
Check out insurance rates – Use Decision Tree Financials free life insurance quote tool to instantly see quotes from over 30 highly rated life insurance. This will help you understand how much coverages will cost making you an educated shopper.
Make a life insurance plan with a Decision Tree Financial insurance advisor – We love educated shoppers and we know you will want to know which companies will give you the best policy at the best rate. The quotes you will receive on are life insurance quote tool are actual prices but there are variables you will want to consider.
For example, do the policies have any additional benefits, how do life insurance companies underwrite and assign rate classes and do the policies have an option to continue coverage after their expiration date. We are here to help you make the best decisions about purchasing life insurance for your family.