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Posted by on Aug 5, 2014 in Insurance |

Considerations for Buying Life Insurance in Granbury

Unlike permanent or whole Life Insurance in Granbury, term life coverage only offers a death benefit for a specific time, making it less expensive. Term life policies generally cover wage earners during their careers, and if you are the breadwinner in your family, it may be a worthwhile investment. Here, you will learn what to consider when purchasing term life coverage.

Talk to your Family

No one likes to think of the death of a family member and the income loss it brings, but it’s something that’s worthy of consideration. Sit down with your family and discuss personal aspirations, continuing education and plans for the future -; you’re likely to find needs you’ve overlooked before.

Decide how Much Coverage you Need

When you make major life changes such as having a child or retiring, you should think about what would happen if you were gone. When buying Life Insurance in Granbury, consider funeral expenses, debts, college tuition and the cost to replace your income. The average funeral can cost around $15,000, and income replacement cost can vary depending on your job.

How Much can you Pay?

Choosing a policy with a reasonable rate is important. If you choose one you can’t afford to pay, you’ll lose everything you’ve paid so far. The amount you can afford to pay depends on your health, your age and the coverage you need. To find the right coverage at a reasonable price, get quotes from at least three different insurance companies.

Ask About Policy Riders

Policy riders offer additional benefits for an extra cost, and allow you to customize the policy to suit your needs. For instance, a conversion rider changes term life into whole life coverage without a medical exam, and gives younger policyholders a low cost now with stability in the future.

Read the Fine Print

Extreme sports such as skydiving and rock climbing are usually excluded unless you pay a substantially higher premium. Many term life policies come with a two-year contestability period, where coverage can be cancelled if you fail to declare certain health conditions. Be honest with Aiken Insurance Agency Inc, and your loved ones will get the full benefit of your Life Insurance in Granbury.