Starting a new life with your spouse is great and comes with new financial obligations. Life insurance is best to get when you first marry because premiums are always at their lowest levels the younger you are. Life is unpredictable so use these basic tips when choosing a life insurance policy:
For those planning on having kids, buy a policy that will keep you covered until they graduate, 25-30 year level-term life policy is a great option. The price stays the same every year even if your health changes.
A good rule of thumb is to suggest buying 10 times your annual (net) income but that amount can go up if you have more dependents or down if you are older. If you've tracked your expenses and made a budget, that will make it easier to decide what your family would need.
When you first get married, if you have not lived together, you will discover some things you may not have known about the other person, like how much in debt they truly are.
Be suspicious of the lowest priced life insurance policy. Many companys quote 5 or 10 year term, or annual renewable plans. They are much cheaper than even 30 year level term. Some carriers quote 6 month rates. Make sure that you compare smiliar plicies. Also you have to compare each plans riders and convertibility options. A more expensive policy may include better features, like a return or premium rider, etc.
It is important to get life insurance asap, because your health is likely to decline as you age. Convertibility of policies allows you to exchange your term policy for a whole or universal life insurance policy without having to qualify medically. Not all level-premium policies are guaranteed for level for the entire policy period so buy a policy with a guaranteed premium. Some companies offer 20-year level premiums but with only a five-year guarantee so five years later rates are liable to change at the discretion of the insurance company.
If you use tobacco in just about any form, you will be charged 100-300% more than non-tobacco users. Although you can find good deals provided you find the right insurance company within this vast insurance market. Work with a company that knows various rules of multiple insurance companies. The key to getting preferred plus (the lowest) rates, is to maintian good physcal shape and engage in dangerous activities.
How Much Insurance Do You Need? Understand your income from savings, investments, Social Security benefits, and group life insurance and lump sum pension benefits payable to a survivor when calculating the amount of life insurance you need. Ask an professional to help you find a company, whose product and price will match your health and lifestyle.
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