Why is it that choosing the appropriate life insurance can be such a hassle? Is it because we are forced to think of the worst happening before it actually happens? Or is it simply because of the long consumption of our time and energy? Which ever the dilemma is, choosing the best life insurance option can ultimately change the lives of your loved ones for the better. Life insurance is simply the protection you can leave your loved ones after you are gone. They will already have to cope with your absence, so why not put them in a non-stressful financial situation too? Individuals often over estimate the cost of life insurance which is why they may be hesitant to proceed with it. When determining between “Term Life” and “Permanent Life,” it really comes down to what you are looking are to get out of it. If you are price-oriented, you may zone for “Term Life” which is essentially the lowest cost option for a policy, BUT it will most likely cancel or expire before you pass away. You would then have to renew the policy, if desired, and at that time you would be a different age and the policy would be altered. The “Permanent Life” option is probably the more expensive alternative, but in the end the pay out could be equal or greater than the amount you paid for it. In the end, this option would be better quality for all your loved ones whom are already adapting to your absence. The quality of “Permanent Life” ends up ultimately, being the biggest payout. Isn’t the idea of your family being financially covered for your funeral costs, bills and medical expenses worth the little extra money? The phrase, “you get what you pay for” is exactly the representation you should think of when determining your life insurance plan. By picking the right insurance; when the time comes, you will be able to rest easy knowing your family will now be taken care of when you are gone.
By: Valerie Pristupa