Life insurance is something to be done right. It's not a decision you want to rush into, and it's important to do your research before you make any decisions.
Here are some things to consider when comparing the different types of life insurance policies:
1. Your risk of death. If you have a higher risk of death, are young or in good health, your premiums will be higher than if you have a lower risk of death, are older or have health problems.
2. Your expected family income. The more money you expect to bring in post-death, the more insurance coverage you'll need and vice versa.
3. How long you plan on being alive after retirement age (if applicable). The longer your life expectancy is, the more coverage you'll need for your family's future needs; conversely, if yours is shorter than average (or nonexistent), then your needs will be less costly because there won't be as much time left over until retirement age when they come due.
4. Your other financial needs in retirement, such as savings and investments. If these are going towards retirement rather than living expenses after retirement (as is often the case), then this will affect what type of life insurance policy you buy..
Here are some things to consider when comparing the different types of life insurance policies:
1. Your risk of death. If you have a higher risk of death, are young or in good health, your premiums will be higher than if you have a lower risk of death, are older or have health problems.
2. Your expected family income. The more money you expect to bring in post-death, the more insurance coverage you'll need and vice versa.
3. How long you plan on being alive after retirement age (if applicable). The longer your life expectancy is, the more coverage you'll need for your family's future needs; conversely, if yours is shorter than average (or nonexistent), then your needs will be less costly because there won't be as much time left over until retirement age when they come due.
4. Your other financial needs in retirement, such as savings and investments. If these are going towards retirement rather than living expenses after retirement (as is often the case), then this will affect what type of life insurance policy you buy..
