Don’t you think you need life insurance especially if you’re a parent? It’s indeed a confusing task to accomplish, choosing the best insurance to keep you and your family safe. If you want your lifestyle to be secured and safeguard your wealth after death for your family, then do make a lot of effort on choosing the right insurance policy.
Do I Even Need It?
Of course, you need it! There are so many things to pay for that won’t even be in your mind unless you finally realize you’re the only one who has to take care of the bills like funeral expenses, medical bills, student loans, etc.
Types of life insurance policies
You have two categories of insurance you can look into.
Term life insurance
Life insurance that is valid for only a specified time period, hence the name ”term.”
Permanent life insurance
It’s obvious from the name that it’s a permanent one (life long). It’s further subdivided into 3 more categories.
- Term life insurance purchased for a time span of 10-30 years.
- Whole life insurance remains valid throughout your life as long as you keep on paying your premiums.
- Universal life insurance offers different options of investment.
Combination/Convertible Life Insurance
This life insurance is more on the popular side as it covers most of the long-term care insurance. The best part of convertible life insurance is that in the beginning, you can treat it as a term policy, but later on, you can make it into a whole life policy; this benefits you because you’re not losing your policy after the term ends.
How Much Do I Need?
There are different reasons people buy insurance; your reason might be totally different. Always buy a policy keeping in view of your lifestyle and what expenses you want to cover through it.
How much mortgage do I need to pay? How will many medical bills be paid for a sick family member? After your death, what expenses will your family face? How much is college tuition going to cost?
Will it Cost Me A Lot?
No, it won’t cost you a fortune as it only requires you to pay a few dollars per month. If you have bought a high-level insurance policy then maybe a few hundred dollars. However, some people believe it’s pricey, and this has led to growing hesitation to buy it.
The cost of a life insurance policy depends on your age, health, education, whether you’re a smoker or not, and you might even need to take a medical exam before receiving eligibility for the insurance.
Best Life Insurance Companies to Consider In 2021
The top 10 best insurance companies are:
- Prudential Financial
- State Farm
- Northwestern Mutual
- Newyork life
- Mutual Omaha
- Haven Life
- Pacific Life
- Guardian Life