The economy is taking a toll on everyone’s pocketbook. With groceries, healthcare, bills and more on your list of things to pay for, life insurance may be the last thing on your mind. In fact, when the economy is bad and people are without jobs or making less money, they frequently look for areas in their budget they can trim.
In fact, we often see younger and healthy individuals choose to cut back on their life insurance because it does not seem to be that important at the moment in time. These people often rationalize that they will get new life insurance coverage when both the economy and their financial situation improve.
However, what happens if an untimely death occurs when there is no life insurance coverage? Major financial problems will exist for that individual’s family, which is the last thing anybody wants.
That’s why life insurance is so important during a down economy, arguably more important than a good economy, because in the event of an untimely death the family will have money to fall back on to pay bills and survive. Of course you don’t want to pay more than you need to, so here are some tips to help you when shopping for a life insurance quote.
Decide what type of life insurance is best for your situation: Term or permanent. Term gives you coverage for a set length of time — say 10 years — at a set rate. Permanent, or whole life, comes in various types but basically it is coverage for life and often features a savings component. A financial advisor and a good insurance policy can help you protect your family and assets in case of your death and subsequent loss of income.
Decide how much coverage you think you need: This is an important exercise to go through because you don’t want to get more coverage than you need if you are trying to watch your money.
Be sure to get some comparison quotes: Life insurance rates will vary from company to company so get at least three different quotes to compare, using the same coverage amounts and other information (smoker, non-smoker) for each quote. Getting a comparison quote is easy – Pennington Financial has the ability to quote almost every carrier.
Life insurance is an important protection no matter what the economic environment, especially if you have people who depend on your income. Understandably, when money is tight, many people may talk themselves out of getting life insurance. However, this coverage is more important than ever to protect your assets and loved ones.
Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.