(208) 322-3473 stan@hartleyonline.com

Keeping Life Insurance Costs Down

Before you decide to buy life insurance be sure to keep your priorities in mind and consider the following:

Make sure you have at least a basic understanding of the different types of life insurance available and then purchase the type or types of insurance that you feel most comfortable with.

  • Determine the minimum and the maximum amount of life insurance you need.
  • Know specifically what financial problems the life insurance is supposed to solve.
  • If the problem you are trying to solve is one that will certainly go away after a specific period of time then you should strongly consider term insurance.

If the problem you are trying to solve is one that will continue for a long and unspecified period of time then you should strongly consider permanent insurance.

Do not agree to spend more money on your life insurance than you are comfortable with, especially if you are buying permanent insurance.

If you cancel a permanent policy after a few short months or even years of purchasing it, it will have been the most expensive type of insurance you could have purchased because you will likely get nothing or very little back.

Be aware that your best option might not be one type of insurance or the other, but rather a mix of different types of life insurance.

For instance, you might want some permanent insurance to cover things like burial costs, estate taxes, or the funds needed to care for someone that is permanently dependent on you.

You may want an additional amount of term insurance to cover the costs associated with raising your children for the next 10 years or for paying off the balance of your 30-year mortgage.

There are many considerations when purchasing life insurance, but probably the most important thing you can do is get good competent advice from a licensed agent.

Pin It on Pinterest

Share This