1. Identify your family’s financial goals
Life insurance is about helping your family live comfortably and accomplish their goals after the death of a parent. Understanding what your family wants to do over the next decades and identifying financial priorities will help you determine the type and amount of insurance you will need. Consider these questions:
- Do we want to pay off the mortgage?
- Cover childcare?
- Take time off from work to grieve?
- Take family vacations?
- Pay for private school or lessons?
- Cover college tuition?
2. Buy a policy early
Since the premium you will pay on an insurance policy depends on factors like your age and health status, you’ll pay less when you’re young and healthy. Delaying could end up costing you more as premiums increase – not to mention the risk of leaving your family unprotected.
3. Don’t forget about your spouse
While many families only buy life insurance on the primary earner, it’s very important to consider the contributions both parents make to the household. Even if one parent quit working to care for the family that parent provides valuable work that would have to be replaced in the event of death. Ask questions like:
- How would we cover childcare?
- Who would provide transportation for the child?
- Who would handle the housework?
- Would the surviving parent have to take time off of work?
4. Consult a professional
Life insurance is a valuable tool to protect your family from the unexpected. It’s also a critical part of an overall financial strategy. Working with a qualified insurance expert who understands your overall financial situation can help ensure that you are getting the right insurance for your personal needs. Contact us at email@example.com or at 954-290-5142.
Brian Symanski - President
4611 S. University Dr.
Davie, FL 33328