Your Guide to Buying Your First Life Insurance Policy

Guide to Buying Your First Life Insurance Policy in Culver City, CALearn how to navigate the world of insurance when buying your first life insurance policy.

Insurance is a necessary safeguard to keep the people that you love safe. But, you’re not going to be around forever. That’s where life insurance comes in. It’s an essential aspect of your family’s financial planning so that your passing doesn’t place a greater burden on your loved ones. However, as a first-time policy buyer, it can be difficult to know where to start. With so many types of policies, you may need help learning how to pick the perfect policy for your family. Check out this guide to help you through the life insurance buying process.

Assess Your Needs.

Start on your life insurance journey, by establishing how much coverage that your family will need. Determine how much income you make annually and how much you spend. Add in any debts or impending expenses, and add them to the equation. Calculate how much you need and how much you spend so that you can accurately determine how much coverage your family will need to replace your income. Additionally, think about how long you need the supplemental income to last, and factor it into your calculations. That way you can rest easy knowing that your family is prepared.

Weigh the Costs & Benefits.

Once you determine your coverage needs, you must choose the type of policy that you want. There are many types of policies out there, each with their own costs and benefits. The key to choosing the right policy type lies in how the positives outweigh the negatives of the policy. While you’ll have quite the assortment to choose from, the main two types of policies are whole and term policies. Whole policies give you guaranteed benefits for life, and they help to build cash value. However, these types of policies are generally more expensive. Term life insurance policies tend to be more affordable. However, they only guarantee benefits for the duration of the term. Once the term expires, your policy is void, and you need to purchase a new one. Think about what your family’s needs are and weigh the costs and benefits of each policy to pick the best one for your family.

Don’t put off buying life insurance any longer. Get the policy that you need to protect your family. Contact the professionals at ISU Wissink Insurance. Located in Culver City, California, we serve all your personal and commercial insurance needs.