As parents, we don’t want to think about leaving our families behind. The thought is enough to send a shiver down our spines, but it is an important thought nonetheless.
Even though the day we leave this planet could be decades away, we still need to plan for the worst case scenario. As parents, it is our job to look after our children whichever way we can, and life insurance is one of those ways.
If you are a regular reader of my blog, you may have seen my article about the different types of life insurance. If you haven’t, you can find it here. What do you need to consider before you make your final choice?
Do I need to do research?
I don’t know if you agree, but sometimes I feel that I make decisions without considering all the facts. Most of the time, they are only small things that don’t make much of a difference, but it still happens. As we live in a modern society, speed and simplicity are very important to us, which sometimes forces us into rash decisions.
With life insurance, we cannot afford to be complacent. Before signing on the dotted line, it is important that we check out the health of the company. After all, they are the people that are paying out large sums of money when you die. Feedback like a Smart Life Insurance review is a great tool. The feedback comes from unbiased sources who are trying to help.
How often do they pay out?
It is a relevant question that we all need to ask. Unfortunately, there are some insurance companies that do their best to avoid paying out on their policies. From their point of view, they are trying to save as much money as possible. From our point of view, they are immoral.
For obvious reasons, we want them to pay out when we die, so we need a company that is firm but fair. I would avoid any company that has a record of reneging on a deal.
Which policy suits my needs?
As you may already know, there are a variety of different policies to choose from, but, the pertinent question is, which one is the best for you and your family?
Obviously, life insurance policies require us to deposit money on a monthly basis, so our finances are an issue. In that case, a whole-of-life policy may be out of the question as it is the most expensive, but, if you want cover for your loved ones regardless of the cost, whole-of-life pays out regardless.
Do I need a joint life policy?
Many people have partners, and our policies will revolve around them as much as the children. For that reason, we have the option of a joint life policy. In basic terms, this policy pays out when the other dies and the policy ends.
They are more affordable with regards to the monthly premiums, but they pay out less. Plus, do we all have the same insurance needs? The answer is no, which makes a joint policy a little tricky.
When it comes to life insurance, we need to cover every angle for the sake of our families so take you time before you sign.