I never really thought about life insurance until I had kids. Then the thoughts of “what will they do if something happens to me?” Jeff and I actually still don’t have wills like we should. But I do know that I have life insurance thanks to my dad. He has made sure I’ve had life insurance for most of my life that I know of. I know that Jeff has a small life insurance policy through work but I’ve been looking into something more.
I want to make sure that no matter who of us goes first the other will not have to worry about anything. Already being grief stricken the last thing you need to worry about is how things are going to be paid for. There is a lot to think about when buying life insurance.
- How much do you think the funeral costs will be? You will want to make sure the life insurance will cover that.
- Do you have health insurance? What will be the costs after your health insurance pays their part? You want to make sure that anything after your insurance portion is going to be taken care of.
- Will your family have an income after you are gone? If not, or even if it’s going from two to one, you want to make sure there will be money to help them until they can get straightened out. Also make sure you think of how long that may take, this way you can make sure they have plenty.
- Think of anything else financially that would need to be taken care of after your passing.
There are also a lot of different types of Life Insurance. Term Life, Cash value/permanent life (Whole Life, Universal Life, adjustable life) and Employer Plans are all the different types of Life Insurance. You should research each one and figure out which one would be the most beneficial to you and your family. You can learn a lot about the different types of Life Insurance with this article Life Insurance 101.
If you are in need of Life Insurance, be sure to look around for your best rates and what each insurance company offers. Each company offers different things such as discounts, what they take into consideration for your rate and other things. One site to go to check out your options is Genworth Financial.
This post was made possible by Genworth Financial. All opinions are my own and not influenced by anyone or anything.