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As Long as You’re Covered

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Life Insurance – It’s As Simple as 1-2-3!

Once you’ve determined how much coverage you’ll need, the next thing you need to evaluate is how long you want to be covered. Before you start thinking about time, ask yourself one simple question: “What would my family need today, if I died last night?”

Thinking About Tomorrow, Today

Let’s take that question a step further. Taking into consideration what you might need today, let’s try to imagine what you might need 30-years from now. Forward-thinking is pivotal to ensuring the coverage plan you select will meet the needs of future-you. The answers to these questions are ultimately going to boil down to one, modest point – priorities. What are your immediate priorities versus those of the future?

What You Need Vs. What You Will Need

Your premiums will be effected by the amount and length of coverage chosen. Because of this, you need to determine your priorities and let them guide your selection. For instance – you determine that you want 30-years of coverage; that’s great! However, your budget does not support the premium. That’s ok! Shift focus to the short-term, prioritize your current budget, and stick with a more affordable 10-year policy initially. You can always re-evaluate later and make necessary policy changes for the future. Remember, supporting the present will make your future decisions even easier.  The length of your policy is important, but knowing your priorities first will make the decision as simple as 1-2-3.

Tie it All Together

Our first 2 installments are great methods for simplifying how far you want your coverage to go.  Of course, the coverage and length-of-years will still rely on a fundamental necessity – budget.  In our final blog post – Step 3 – we’ll take aim at the grande finale: How much can you spend, and WANT to spend on premiums?

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