Once you finalize your decision to buy life insurance, there are key questions you should ask. Some of them include choosing the right life insurance policy, selecting the right insurer, etc. This post contains key questions to ask when getting life insurance as parents and answers to those questions. Read on to find out more!
When Should You Buy a Life Insurance Policy?
For parents, this question is not a question. You have kids depending on you financially and lack these things when you are gone. As far as you have kids, the urge to replace income should be the greatest. It would help if you got life insurance when you have a kid to answer the question. Life insurance is not just about looking for an alternative to your income but stacking up resources for those you’d leave behind at your demise.
What Life Insurance Policy Is Best for You?
The next key question is the kind of insurance that works best. There are two kinds of life insurance, term life and whole life. The term life insurance only covers a specific period, usually between 10-30 years. Permanent life insurance covers for the whole life or up to 100 years. It is a cash value insurance that provides benefits insurance.
How Much Coverage Is Needed?
The amount of life insurance coverage needed is different for each family. It depends on their needs. Like your kids’ college costs, your spouse’s expenses, your financial capability, the kind of goal you want for your kids, etc. For instance, if you have kids between the age of 8-10 and you want to buy term life insurance, it would take about 20 years before they get fully independent. If your kids are in middle school, a 10-15 year insurance might be better.
How Much Will the Insurance Cost?
If you buy life insurance as a single, it’s different from buying as a couple. For single parents, you get to make the sole decision. However, as couples, you both need to be on the same page about the amount of coverage you want. All in all, you should consider your budget and how much premium you can afford.
Is It an Idea to Get Life Insurance While Pregnant?
Yes, you can get life insurance when but your insurer may consider some factors. If your pregnancy is healthy, you can get an insurance rate like every regular person. However, if the pregnancy is complicated, your application might be put on hold to see if your situation gets more complicated after childbirth.
Who Should Be Chosen as Beneficiaries?
Naming your kids as a policy beneficiary is easy when they are above 18. However, doing that when they are minors can be a real problem. If such is the situation, you will name your spouse as a beneficiary, but if you are unsure how well they will take care of the child, you can name a trust as the beneficiary.
Weaver & Associates got you covered with life insurance tailored to suit your need as a parent and that of your child too. Reach out to us to get a quote for free!