What Are 3 Things You Need to Consider When Buying Life Insurance Coverage?

Buying life insurance coverage can be one of the biggest financial decisions you’ll make. Not only can life insurance benefit your loved ones, it can also benefit you. Here are our top three things you need to consider when buying life insurance:

1. Deciding the length of time, you will need coverage. Will you need it for a short period of time or lifetime? A short period of time term-life may be your best option and for a longer period of time your best option may be whole or universal life.
2. How much life insurance will you need? Once you have the length of coverage identified, what debts, income and burial wishes do you have? Do you need to plan a future expense that hasn’t happened yet, like college tuition.
3. Name a beneficiary. The beneficiary can be a person or entity who will receive the proceeds of the life insurance policy.

Once you’ve figured out these three things for life insurance, find a trusted advisor who will go over all the options with you and find the best insurance that meets your needs. Having several options of life insurance will give you a competitive advantage when making your decision on which insurance company to go with.

The next step is to decide which life insurance is right for you, your loved ones and your finances. If you need help with any of these steps or just need more advice on where to start, call Advanced Insurance Concepts today and Jim Rooney will work with you to find the best insurance benefit solution.

Advanced Insurance Concepts works with a variety of insurance companies and all Medicare Advantage providers in Missouri and Kansas. He is licensed to sell Health, Life and Accident Insurance, so call Jim Rooney for all your insurance needs.