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How To Buy A Protective Life Insurance Plan
October 4, 2021 at 4:00 AM

Life insurance will guarantee financial security for your family in the event that you are no longer with them. This can be a daunting and difficult decision to make, and shopping around for the right coverage presents its own set of factors to consider. Luckily, you don’t have to look alone. 

Below we discuss how to buy a life insurance plan that is right for you. 

First of all, determine how much life insurance you will need. 

Many varying factors will influence how much life insurance you will actually need. Depending on your current financial situation and number of dependents, every individual will need to purchase a different amount of life insurance. Consider and calculate factors like your net worth, any assets you own, and social security payouts. 

You will also need to consider the financial needs of your family and how much it costs for them to live off of. Factor in things like debts, regular expenses, and general income requirements when making a determination. 

Figure out what type of coverage is best for you. 

The three basic types of life insurance plans are term life, whole life, and universal life. Depending on your immediate needs and how long you need coverage for, this can vary. If you only need coverage for a certain period of time and you’re on a limited budget, you might want to consider purchasing a term policy with a lower premium. To remain covered for as long as you live, a universal or whole policy will be a better fit for your needs. 

Apply earlier than later.  

Your health and age will generally determine your life insurance premium. The younger and healthier you are, the lower the premium, and the more likely it is that you will be approved for coverage. No matter who your insurer is, this will always be a determining factor. Don’t hesitate to get yourself insured if you have the means to do so right now! 

You won’t always need a medical exam to get covered, but it is recommended that you do. 

There are plenty of insurance providers who offer no-exam policies. However, these policies might come with an inherently higher rate. If you’re young and healthy, it makes sense to get an exam so you can pay a lower premium. When the insurer has a holistic understanding of your health, they are more likely to accept your application and give you a far better rate.

Contact us for help! 

At Stellar Insurance, we believe that everyone has a right to get the coverage they need. Our team understands how difficult it can be to navigate the insurance market alone, and we are here to help. We will walk you through the entire application process, answer any questions you have, and find you the best insurance plan that meets your needs. From auto insurance to life insurance, we do it all. Please contact us today to set up a meeting with one of our trusted agents! 

You can reach us at 833-224-5168, or contact us here.