First question: Do you need life insurance at all?
If you are married or have children to provide for - you definitely need insurance. A nice boat with a small hole in it will still end up at the bottom of the lake. Don't let this be the hole in your family's plan.
Even if you're currently single and you foresee yourself getting married or having children in the future it may not be a bad idea to apply for coverage now. Your age and health history are the biggest factors of how much life insurance will cost. Locking in premium amounts when you are younger and (presumably) healthier can help you save in the long run.
Second question: Which kind of insurance should you get?
If you want to protect your family against the destruction of your business or estate taxes after your death, whole life or universal life insurance should be considered. But if your main concern is to protect your family against the loss of your income, term insurance is the way to go. For example, parents with a newborn should consider a 25 year term policy which would cover the loss of the parent's income should anything happen. After age 25 the child will likely have a job of his/her own and not be solely reliant on the loss of a parents income.
Term insurance has a few options that you will need to choose from. You can go with normal term insurance - which is the least expensive option. If you make it to the end of the term, the life insurance company keeps all of your premiums and thanks you for your business. However, there is also Return of Premium (ROP) term insurance. You will pay higher premiums than normal term insurance - but if you make it to the end of the term then the life insurance company will give you back all of your money. Not a bad deal.
Finally, how much insurance do you need?
This question requires more of an in-depth look and we would be happy to help. You may be surprised to find that monthly premiums are actually within your budget and can mend that hole in your plan.
Call us today for a complimentary life insurance quote!