With Valentine’s Day around the corner, you might find yourself shopping around for sparkling jewelry, smooth chocolates, and clever cards. But before you drop some cash to demonstrate your love for your significant other, maybe you should consider what’s really important.
If you currently don’t have a life insurance plan – or if you do, but you’re not sure it’s enough – it might be time to look into your options. And what better time than around Valentine’s Day, when those you love are fresh on your mind. The best gift you can give them is leaving them financially covered in the event that the unthinkable happens. If you’re considering a new or updated life insurance plan, be sure you read through our basic guide.
1. Only you can decide what you need: You are well-acquainted with your family and your budget, so only you can really determine how much life insurance you need. Discuss this amount with your spouse or family prior to deciding on a policy.
2. Choose between term and whole life policies: The difference here is that, with a term policy, the beneficiary receives the amount of the policy upon the insured’s death. With a whole life policy, the money is invested into mutual funds and bonds and builds cash value that can be borrowed against.
3. Do your homework: Before you select a life insurance policy, it can pay to get more acquainted with the business and compare various products. Of course, if you need help understanding the nuances of life insurance, I’m happy to help.
4. Take a “Preview” Period: You are free to look over a life insurance policy for 30 days. If you’re unsure, take this time to decide if it’s the right policy for you.
5. Shop now, not later: Obviously, the younger and healthier you are, the better rates you’ll receive when purchasing life insurance. If you’re currently procrastinating this purchase, you may have to pay for it later on down the line.
Ready to protect your family this Valentine’s Day? Give me a call today.