When it comes to the topic of whole life insurance and estate planning, most people begin to worry. They ask questions such as:
- Do I have enough life insurance?
- Do I have the right type of life insurance?
- Is now the time to alter my estate plan to protect my family’s future?
Let’s face it: none of these questions are easy to answer. They may be enough to boggle your mind for quite some time.
You may be confused right now, but this doesn’t have to last long. By requesting whole life insurance quotes online, you can soon take the first step in protecting your family’s future. What more could you want?
Three Steps to Take
First things first, you need to understand the many benefits of whole life insurance compared to term life insurance.
The primary benefit is that your coverage remains in effect until the day you pass on. As long as you pay your premium in full and on time, you never have to worry about your policy expiring.
However, this is not the case with term life insurance. Instead, this type of policy is only in effect for a predetermined period of time. For example, you may decide to purchase a 15-year term policy when you are 35 years old. If you don’t pass away before you are age 50, your plan will expire, and you will be left without coverage.
Now that you understand what you get with a whole life insurance policy, it’s time to take steps towards protecting your family’s future. Here are three to follow:
1. Review your current life insurance coverage
If you have a policy, this is an important step to take. If you don’t, it’s not something you have to worry about.
When reviewing your coverage, focus on the two most important details: the death benefit and the person you have named the beneficiary.
2. Request a minimum of five whole life insurance quotes online
Using the internet to your advantage won’t be long before you are presented with multiple quotes from multiple companies.
Once you have this information, which includes the death benefit and monthly premium, you will have a better idea of what to do next.
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3. Purchase a policy that can truly protect your family once you are gone
You can only afford what you can afford, but it’s important to spend your money wisely.
The money you leave behind via a life insurance policy can be used for various expenses, including funeral costs and final medical bills. And of course, if there is money left over, it can be used in any manner the beneficiary chooses.
This is yet another reason to compare several whole life insurance quotes online. You need to know how much coverage you can get for your money. As a general rule of thumb, purchase as much as you can afford. This will give both you and your family peace of mind.
Be Thorough in Your Approach
Finally, it would be best if you didn’t buy whole life insurance on a whim. Instead, it would be best if you considered all your options while comparing every last detail.
So make sure you also consider how this will fit into your estate plan. Some people find that they don’t need as much life insurance because they have other investments. Of course, there are those on the other side of the equation. These people need to purchase more life insurance because they don’t have many (if any) other assets to leave behind.
If you are thorough in your approach, if you understand the importance of protecting your family’s future, nothing will stop you from making the right decision. Even if you do nothing else, take the time to request whole life insurance quotes online. This will put you on the right track.
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