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California Business Journal
do i need life insurance

Do I Need Life Insurance?

Insurance is important, but there’s one type of insurance many people overlook—life insurance.

by California Business Journal Editorial Staff
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For some reason, no one likes to think about life insurance, but life is unpredictable, and no one knows what lies ahead. That means that ensuring your loved ones are protected in case of the worst-case scenario is critical.

Life insurance can create a financial safety net if you’re no longer there to provide for those you love. Some are hesitant to take the plunge on a life insurance policy, thinking that it’s a complex and invasive process. Still, it’s actually easier and more affordable than you might expect.

Things to Consider

When deciding whether you need life insurance, the first thing to consider is how this will benefit you and your loved ones. Life insurance is something you hope you’ll never have to use, but the security of planning for an unlikely event is something you shouldn’t avoid.

So, what is life insurance? It’s an insurance policy that pays out in the event of your death, giving a predetermined amount of money to your heirs. Circumstances of a policy vary, with some having carve-outs for certain causes, but most will cover all major causes of death within the policy term. It’s common for life insurance policies to be accompanied by a physical exam to determine your overall health level, which will affect the type and cost of your policy.

Who needs life insurance? Largely, everyone, but with two exceptions. The first group who might not need life insurance is anyone who feels confident that they can self-insure—that is, they have enough assets saved up that their family could get by without their income long-term. The other group is anyone who has no plan to have children or dependents in the future.

Finding the Right Life Insurance Policy

When picking your life insurance policy, there are a few key factors to consider. First is what type of policy you want. There are two primary types, the first being term life insurance. This one covers a specific term that is pre-determined when you sign the policy and expires unless it’s renewed under re-negotiated terms. Permanent or whole-life insurance covers your whole life, but the premiums can increase as you get older and cost more than ten times a term policy.

When determining your policy, the first thing to do is look at your life circumstances. How many dependents or people relying on your income do you have? What is your normal salary and how much would it take to replace it? Do you have any debts or a mortgage that needs to be paid off? Your life insurance policy should be able to cover these factors.

To finance a life insurance policy, many people take some unconventional steps. The premiums can be a major expense, so it’s not uncommon to take out a third-party loan through premium financing. While the lender charges interest, this may be an effective strategy for high-income individuals looking to ensure the stability of their assets for the future.

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How to Get Life Insurance

Try to start early. As your policy will be determined by your current health and risk factors when you sign up, young people in good health have the easiest time getting a reasonably priced policy. These are also the least likely people to think about the need for life insurance, so many people are missing out on bargains. Remember, the earlier you start, the better.

You have a number of options for getting a policy, but a popular choice is to expand coverage through your health insurance provider. Many companies offer insurance bundles that might make life insurance a bit more affordable. Check with your employer to see if they offer life insurance policies, as well.

There is also a wide range of private sources that offer life insurance, many of which can be found online and give you a solid picture of what your costs and ideal policy might be without ever setting foot in an office. Reviews for Bestow life insurance help explain how easy the process can be to find the right insurance for you.

Guaranteed Security

Life insurance is the insurance everyone hopes never gets paid out, but having it provides a sense of safety. Even if your term life insurance expires safely, you’ve bought yourself and your family peace of mind. There is no time like the present, and nothing is guaranteed, which is why many people are considering life insurance today.

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California Business Journal Editorial Staff

California Business Journal Editorial Staff

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What life insurance do I need?
employee benefits
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