Why Should You Get Life Insurance?
If you’ve been procrastinating about getting life insurance, it’s time to start looking into why you should. The more time that passes, the more expensive and difficult it will be to get coverage.
Issues like money and records of your health are just two of the many important considerations in finding the best option for you. In this blog post, we're going to detail some important do's and don'ts when searching for a good policy — like what questions to ask before signing on the dotted line — as well as where to go next if that doesn't work out.
First of all, if you haven't already, you'll want to consider talking to your family about your plans and letting them know how much coverage you would like (if any) and how much it will cost. This is so they won’t be blindsided financially when you pass away. Not all family members may agree with your plans, but it never hurts to lay out all the facts and let them voice their concerns.
Next, be aware of what kind of life insurance policy would suit your situation best. First-term policies are designed for people with healthy lifestyles and good vitality, or a family history of long life expectancy. Term life insurance is not renewable and lasts for a certain time frame, which is usually anywhere from 10 to 30 years. You can usually purchase this type of policy at a much lower cost than later-term options.
Another option would be whole and universal life policies, which are best for those who are in decent health and want to get coverage that could last them the rest of their lives. There have been cases of people living far beyond the average lifespan while having whole coverage, but some individuals may not need such long term coverage because they wouldn’t have enough money saved by that time.
Whole coverage is designed for those who often go to the doctor or hospital and have a specific cause of death. This type of policy can be expensive, as policies often have very high death benefit amounts that may not be used. Universal life is good if you are healthy and want coverage that will last for an average, or average-long life. Some people may need to opt for the first term plan instead if it gives them more coverage for less money than universal or whole coverage.
If your situation requires you to purchase a less than full-term policy, then you should look into term insurance as opposed to whole coverage. You may be able to extend your coverage as you age, but it will probably cost more to do so than if you just got the whole term insurance upfront.
The best thing you can do when trying to find your best option for a life insurance policy is take steps to learn about what's available. Ask someone at a brick and mortar bank, or speak with an independent life insurance agent about your options. They should be able to evaluate your financial situation, medical information and personal preferences to help guide you in finding just the right plan for your needs. Make sure you know what you want, and then go about getting that policy.
About the author of this blog article: Roxanne Clayton is a freelance writer for online and print media. In her free time, she enjoys sewing, reading, and spending time with her husband and three children in Ohio. She has been writing about insurance and investing for over ten years, and considers herself an expert on these topics.
Source: CNN Money Personal Finance Blog
http://money.cnn.com/2013/01/21/personal-finance/life-insurance-for-you/index.html?iid=EL
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"Affordable Care Act" redirects here. For the similar name used in Massachusetts, see Romneycare.
The Patient Protection and Affordable Care Act (PPACA) (Pub.L. 111–148), often shortened to the Affordable Care Act (ACA) or nicknamed ObamaCare, is a United States federal statute signed into law by President Barack Obama on March 23, 2010.[2] Together with the Health Care and Education Reconciliation Act amendment it forms the most significant health care overhaul in the United States since the passage of Medicare and Medicaid in 1965. The act's overarching goal, as outlined in the Act's text, is to increase health insurance coverage through a combination of incentives for employers to provide health insurance and subsidies for low and middle income individuals to purchase it.[2]
Enacted by Congress during a period of economic crisis,[2] the law was passed with no Republican support. Supporters argued that at the time it would not have been politically viable for Congress to reject the bill due to an opinion by NBC News/Wall Street Journal polling.[3] According to Gallup polls conducted February–June 2009, 46% of Americans thought that Congressional Democrats would not make the right decisions about health care, versus 30% who said they would.
Conclusion of the bill was preceded by a six-month over one-hundred-eighty-day contentious Congressional debate, including a health care summit hosted by President Obama. There was also significant public debate surrounding controversial provisions such as the individual mandate and Medicaid expansion.[4][5][6] The bill passed in both the House (220–215) and Senate (60–39) on March 21, 2010, without a single Republican vote in favor.