Life insurance is an essential piece of your coverage as an individual, but it can be daunting knowing where to start and what package is best for you. When is the right time to get it? How much do you need? How do you consider your current living situation while also planning for the future?
The right insurance agent can walk you through many of your questions and guide you to the plan that is best for you, but we’ve rounded up 5 main things to consider to launch your conversation and get you on the right path to coverage.
1. Your Age: The younger you start a policy, the better.
The reality is that age plays a big part of what options are available to you. The younger you are, the more options you have to choose from which means starting early has its benefits!
Now, some things can vary between two individuals at the same age. While one 24 year old may have a spouse and 2 children, another may be single and in college. Some of these things will come into consideration later, but your actual age is still one of the biggest pieces of the puzzle.
Often, products like basic term life insurance have cut offs for eligibility to purchase which can end at the age of 60. So, your age is the first thing to consider as you start looking at life insurance policies.
2. Your Health: The healthier you are, the better your rate can be.
This varies greatly from person to person but is the other major factor when determining what options you have available to you. Most policies will require some sort of physical exam or medical questionnaire that will give insight into your current health.
The healthier you are, the better the pricing and options available to you. There are also some factors that will have immediate impacts on your options such as whether you smoke or use nicotine. Avoiding these can automatically save you big when applying for life insurance.
3. Your budget: What’s the best policy available to you, with a monthly premium you can afford
Once your age and health set a menu of options for you, your budget really determines which plans and types of insurance are realistic for you. The monthly premiums vary depending on the type, amount, and length of the policy, so determining what kind of budget you have will allow you to narrow down your options and choose a policy that fits your current budget.
4. Your Needs: Identify your specific needs, so you get a life insurance policy that meets them.
You may have specific needs that will help point you towards one policy over another. For example, if you recently bought a home with a 30-year mortgage, maybe you want to ensure that mortgage is covered in the event of your passing, and therefore want a policy that covers the length of the loan. In this case, you would most likely pursue a 30-year term policy. Evaluating what current and long term needs you have is important to make sure the life insurance policy you choose covers those needs.
5. Your Goals: Ensure your policy is designed to meet your long term goals.
In addition to needs, you may have goals to consider when choosing your policy. For example, you may desire to send your two children to college. With this in mind, selecting a policy that will enable this to happen even if you are not around is important. Goals surrounding your family, legacy, beneficiaries, and material wealth are all things to consider when choosing your life insurance policy, so your coverage and goals align.
Selecting a Life Insurance Policy
Once you’ve considered your age, health, budget, needs, and goals it’s time to shop! At Ianniello Agency, we offer a range of life insurance policies and would be happy to help you navigate selecting the right choice to meet your needs and goals with a personalized experience.
About Ianniello Agency
Ianniello Insurance Agency is Northeast Ohio’s premier provider of auto insurance, life insurance, home insurance, agribusiness insurance, farm insurance, business insurance and health insurance. Ianniello Insurance Agency is an IRMI certified Agribusiness and Farm Insurance Specialist.
You can count on our personalized service to meet your needs. We take our time to ensure there are no gaps in your coverage. We proudly serve Coshocton, Holmes, and Tuscarawas Counties. Get in touch today for a quote and follow us on Facebook to stay in touch!