Talking about life insurance might not be everyone’s idea of fun, but it’s something important to think about. Surprisingly, a recent study found that nearly one-third of U.S. families don’t have any life insurance. Even among those who are insured, many don’t have enough coverage. Are you in this group? Don’t become just another statistic.
While thinking about death isn’t pleasant, it’s crucial for anyone who cares about their family’s financial security in case something bad happens.
The most common type of life insurance is term life insurance, which many providers offer online. If you live in Chicago, for example, you can find quotes for life insurance in Illinois to see what local companies provide. There’s also guaranteed life insurance, which is for people who can’t pass the health checks needed for regular term life insurance.
Guaranteed life insurance is available to anyone who isn’t currently living in a hospital or long-term care facility. Your age and gender determine the cost, not your health. Because of the higher risks involved, this type of insurance is more expensive than term life insurance. However, anyone can apply for and get approved for this type of insurance quickly, often in just a few minutes, compared to the usual 4-6 weeks for other types.
It’s important to note that guaranteed life insurance and permanent life insurance are different. Permanent life insurance covers you for your entire life as long as you keep paying the premiums. This means you don’t have to worry about getting sick and not being able to renew your policy.
Sometimes, permanent life insurance can be cheaper than guaranteed life insurance because it requires a health check when you first get it. Guaranteed life insurance is more of a backup plan for those who can’t qualify for other types. It’s meant for people who need life insurance and can afford its higher premiums.
Choosing the right type and amount of life insurance coverage for your family’s needs is an important part of financial planning. It might be helpful to talk to a Certified Financial Planner to get a better understanding.
Jeff Rose, a financial planner and author of the blog Good Financial Cents, strongly supports having insurance. He offers easy-to-understand term life insurance quotes on his website, LifeInsurancebyJeff.com, as noted by SmartAsset.com.