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How to Choose the Right Insurance for My Needs

How to Choose the Right Insurance for My Needs

Programme B
Published by Programme B

Choosing a life insurance policy is an often overwhelming process. This is partly because it forces people to think about things you really would rather not think about: death and how it will affect your loved ones. 

As unpleasant as this is, it’s still important to think and plan for the inevitable. 

Naturally, you would want to have the best coverage for your loved ones once you’re gone. Which one is this? Here are some things to consider to help you identify the best policy to take. 

The Budget you are working with

Typically, permanent life insurance tends to cost more than term life insurance. 

This is largely because the policy is in effect for a predetermined duration, and there is no cash value being built in the policy.

Irrespective of the policy you are going for, keep your budget in mind. Take the time to evaluate different providers as well, and to compare cost Vis a Vis value. 

Use this tool to get life insurance quotes and find one that aligns best with your budget. 

Your Âge

Age is a critical element to consider when evaluating the different insurance options in the market. Technically, the younger you are at the time you are taking out a policy, the more options you will have at your disposal. 

For certain products like basic term life, you are barred from cover once you attain the age of 60. 

Gender

Aside from age, gender factors in as well. Years of research have shown that females tend to outlive men by an average of 7 years. 

When it comes to policies, females tend to get slightly cheaper rates than males. However, the gap in life expectancy is gradually closing. Still, age and gender tend to be key considerations in premium pricing.

Reasons for Coverage

People take life policies for various reasons. Being clear about your motivation for getting one is paramount in helping you pick the right one. 

The most reasons to get life insurance are:

  • Paying funeral expenses, student debt, medical bills, and other debts so as not to burden the family
  • Leave some money for your family or spouse to help them maintain the life they had become accustomed to
  • To leave an inheritance to family or a charitable cause
  • Building wealth as is the case with life insurance with investment options
  • Paying taxes for your estate 
  • Securing a mortgage

These considerations will help you evaluate why you need coverage in the first place and which policy will be best.

The Takeaway

Your choice of life insurance is an important one. For this reason, it’s not something you should rush through. Take your time to think through these considerations and to find a reputable insurer to take the policy from. 

Photo by Anthony Shkraba from Pexels

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