Keep in mind, insurance is your contingency plan
When it comes to insurance, you will first need enough insurance coverage to at least cover your obligations in case something happened to you tomorrow — that’s your base line. From there, it’s time to look into the future and prepare for what’s coming down the pike. This is especially important if you have a child on the way.  Don’t underestimate how much you need. Keep in mind, your child, or future children, will be starting college down the road, and you need to cover what it will cost then. (And it’ll probably cost a lot more than it does now!)

After that, you can decide what type of life insurance is best. Term life insurance is the cheapest, but it’s exactly what it says it is. If you get a term policy for 20 years and find that you need coverage after that, you’re out of luck. You’ll have to apply again, when you’re older and maybe not as healthy. Also, if you outlive the term of your policy, you don’t get anything back.

Permanent life insurance, (such as universal or whole life insurance) provides coverage for as long as you live, so you know there’ll always be a payout. Each has different savings features and can build up cash, which you may take or borrow against. The same coverage will cost a lot more than term life insurance, but you can count on it always being there.

If you are on a budget, term life insurance sounds like the way to go — right now, anyway. You should make sure you have enough coverage for as long as you need it. Later, if your family situation changes (maybe you now have a second baby on the way), you may want to get some permanent insurance. You can look for a convertible term policy, which well let you switch over, and at that point you’ll be able to take full advantage of its savings features, as well.

Remember, insurance is there for when things go wrong. It might mean the difference between putting your kids through college and sinking them into debt, if something were to happen to you.

Know it’s always important for you to keep remaking your budget and comparing insurance plan options as things change in your life, as they always do. Don’t worry, though; it gets easier every time. Just remember that insurance is your way of playing it safe, no matter the odds.

Call Jeff Pennington today at 1-877-221-6198 to discuss your needs and get a selection of life insurance quotes for your situation. Jeff can answer all of your insurance questions and will provide friendly personal advice.