Guide To Purchasing Life Insurance In A Changing Climate

Where does Life Insurance stand in 2021?

It’s no secret, life insurance has become more talked about and harder to get than ever before. With COVID-19 being a wake-up call for many, the importance of life insurance is clear. But with the rush of new policies in 2020, it has also become harder to get a life insurance policy. Here is our guide to help.

Start with your existing health conditions

Your health should always be the striating point when purchasing life insurance. Even if you have health concerns that make you hesitate to purchase life insurance, I have good news, there are some great choices. More on that to come. However, being honest with your health status is crucial to getting a policy that you can afford and can help protect the people you love. More insurance companies have become a little tougher with their approval process, which is why having an insurance advisor that can help you navigate the landscape is important.

Coverage

That would depend on a wide variety of factors. What are you looking to cover and how long do you need coverage for? Here is a simple to use Life Insurance Calculator that can help you understand how much coverage you need.

Cost

Cost is very important. It always comes down to the cost to own life insurance, and you should never purchase a life insurance policy that you cannot afford. However, what’s worse than that is not purchasing a policy altogether. It’s better to leave your loved ones with something than out of pocket.

Choice

There is a massive debate out there where you see people argue over term life insurance or permanent insurance. Which is better? Well, the correct answer would depend on your situation. Term life generally is better for covering short term debts.

TIP OF THE DAY

  Don’t be afraid to apply to multiple companies. With companies being tough on their application process you could always apply for guaranteed issue life insurance first, and at the same time apply for traditional coverage. That way if you are turned down from traditional coverage you will still have the guaranteed coverage.