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Regardless of your marital status or age, it’s important to consider purchasing life insurance to help those you care about by providing some financial support should something happen to you. Whether you select a $10,000 policy or a $50,000 in coverage, a cash death benefit can help in many ways:
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- Help cover funeral costs: A life insurance policy can ease the financial burden for your loved ones when it comes to paying for rising funeral costs.
- Help cover medical bills and debt: The cash benefit of a policy can help cover bills you may leave behind.
- Help with estate taxes: Aid in covering costs associated with your assets and estate.
- Help fund an education: If you have children, your policy may help with the cost of higher education. Or perhaps, you have nieces and nephews that you want to help out with their schooling.
- Provide a legacy: Life insurance is great way to leave a legacy by making a donation to a favorite charity or cause in your name.
What type of coverage should I buy?
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There are several types of affordable coverage available to fit your needs and budget. Some policies may not even require you take a medical exam- you simply may have to provide health information and answer some questions. The two main types of life insurance are term and whole life (also known as permanent). Depending on your financial responsibilities and dependents, you’ll want to explore the benefits of each to determine how to best protect what’s important to you. For example, term policies typically have rates that increase over time and the coverage ends at the end of the term. While whole life products have higher premiums, but premiums usually don’t increase with age and you keep coverage for your entire life. In addition, many permanent policies build cash value that you can borrow against while living.*
How much coverage is enough for me?
Before shopping for life insurance, it’s important to look at your current situation and determine your short and long-term needs. Also think about how your financial situation may evolve or change over time. To get a general sense of how much you may need to purchase, simply add up all your assets from savings and other funds and then subtract the debt you would leave behind (bills, funeral costs, housing/car loans). That remaining amount may be what you need in coverage. Some people prefer to purchase just enough for final expenses and others want added protection for a variety of reasons. It’s really your personal choice.
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Where do I start?
Many life insurance companies offer helpful product information on their websites along with free quotes. You can easily start here to get a quote. It’s a smart idea to shop around to see which coverage is right for you. There’s really no wrong time to think about life insurance. Having even a small amount of life insurance protection can bring you and your loved ones added peace of mind.
*Loans accrue interest and reduce the total cash value and total death benefit by the amount of the outstanding loan and accrued loan interest.
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This article is provided by New York Life Insurance Company for informational purposes only. This article is not intended to provide tax, legal or financial advice. Please consult your own professional for advice specific to your circumstances.