Life insurance gives you and your family peace of mind, knowing they are protected. General term insurance can make sure your family has income, take care of bills and basic necessities, and even help with mortgage obligations or college costs. Cost-U-Less Insurance offers made-to-order policies to meet your needs and those of your family.
Many people often put buying life insurance on a future to-do list or don’t buy enough coverage to meet future needs. According to J.D. Power and Associates, 40% of Americans have no life insurance at all, and 50 million people in the U.S. don’t carry sufficient insurance. Those who do buy life insurance often don’t understand how much they really need or what is a reasonable price. Here are some tips on when and how to find the right insurance for you and your loved ones:
When it comes to life insurance, it’s better to buy at an earlier age, since rates are based partially on age. The older you are the higher rates you’ll pay for coverage. Every birthday you have increases your rates. Your best course of action is to apply for insurance while you are young and healthy to lock in the best rates.
A common mistake (and one of the biggest ones) when buying life insurance is to cut corners on the amount of coverage. There are 50 million people in the U.S. who are under-insured – don’t put your family in this position. Instead of using general guidelines such as “buy 10 times your annual salary,” take in to account your individual needs. Calculate your debts, as well as the income that your family is likely to lose from your passing. Plan to include coverage that will eliminate all your bills, as well as ensure your family has enough income to meet their needs. Remember, supplemental benefits contributed by your employer (health insurance, retirement account contributions and child care) will vanish once you are gone.
Basic whole life insurance
Whole life insurance provides a guaranteed payout no matter when you pass away, as long as you keep paying your premiums.
Term life insurance
Term life insurance offers the most affordable premium payments and a comparable payout. As long as the premiums are paid, the policy lasts the selected terms lengths (standard options are 10, 15, 20, and 30 years).
Cost-U-Less can help you find and compare life insurance plans to find the one that best fits your needs and budget. Request a free life insurance quote online by entering your zip code in the form at the top of the page or give us a call at 800-538-3213.