Tips to get Affordable Insurance for the Family
After settling down in your marriage and job, you need to start thinking of ways to support your family. While earning an income, buying a house, and putting money into your kids’ college fund definitely count, you also need to think of an avenue where your family can turn to for continuous support in the unwanted event that you die from illness or accident. Being permanently disabled resulting from unfortunate incidents could also potentially take away your capabilities to be the breadwinner of the family.
Having life insurance will protect your family from further pain should the possibilities mentioned above occur. But when you research prices online, you may oftentimes find yourself being turned off from getting insurance because everything seems so expensive. You might be thinking money spent for this is better spent elsewhere.
Despite this, don’t let your initial research findings discourage you from providing a safety net for your family should you or your spouse get into an unfortunate situation. Insurance coverage, just like the price, is not a one-size-fits-all solution. So, here are 3 tips for you to get an affordable insurance plan for your family.
1. Research Term-Life Insurance Policies
Let’s say you are leaning more towards getting insurance, but you still have reservations on whether it would be a good investment 20 or 30 years down the road. Why not try an insurance plan where you can choose the coverage term? If that sounds like a better idea, you should go for term-life insurance. Compared to whole life insurance, term life insurance is generally cheaper as it only covers you for a specific period of time.
At your current age your health is more likely to be in a better condition than it would be when you are say, 50 and above. Term-life premiums are often more expensive when you want to apply when you’re older and more vulnerable to health problems, so the best time to buy is when you are still young and healthy.
2. Determine How Long you Want to be Covered
At this point in your life, you may not be ready to pay for a whole life insurance plan due to financial restraints. Hence, you can choose to be insured for a specific period of time, e.g. 10, 20, or 30 years depending on the family’s needs. This may be used to pay off your house and car loan or to provide university costs for your children. Do take into consideration your age, spouse’s age and your children’s age to help you determine the appropriate term.
3. Always Find Out More About Riders
If your goal is to ultimately find the cheapest insurance plan possible, you’ll want to say no to any insurance riders. However, there are benefits to getting insurance riders. For example, riders can be purchased to enhance the level of protection to cover events such as hospitalisation, accidents, critical illness etc. It is advisable to only add riders according to your needs.
This plan may suit your needs
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