This is a contributed post from Ellie Jo on Insurance.
Life insurance is one of the most popular and important insurance policies. This insurance plan will pay out a lump sum of money if the policyholder passes away. This is important because it ensures that your loved ones are cared for should the worst happen. However, if you are considering buying life insurance for the first time, you may have a few questions.
There is no need to worry, though, as that is what we are here to help with. Let’s take a look at some of the main questions people ask when it comes to life insurance.
Common Questions About Life Insurance
Can You Get Life Insurance After A Heart Attack?
There is only one place to begin, and this is by taking a look at the subject of pre-existing conditions. Many people assume that they will not be able to get life insurance if they have a pre-existing condition. A common example is having already experienced a heart attack. This is not always the case.
There are so many different providers on the market today, and so we are sure you will be able to find a suitable plan. It could be that your premiums are slightly higher because of your pre-existing condition.
Or, it could be that you are covered for all eventualities, except if you have another heart attack. Explore all of the different options available to you in order to find the plan that makes the most sense for your situation.
Is Life Insurance Only For Breadwinners In A Family?
Many people believe that life insurance is only required for the breadwinner in the family. This is not the case.
Let’s say that you are a stay-at-home parent. While this may not contribute from a monetary perspective in terms of a salary, if you were to pass away, your children would be without childcare.
This means that your partner would either have to stop working or pay for childcare. Therefore, the loss is monumental in this regard, and this is something that life insurance will cover.
You also need to consider whether your children have any needs. For example, if your child has hearing loss, life insurance will ensure they can get the best hearing aids and access to the greatest audiologists now and forever.
When Is The Best Time To Take Out Life Insurance?
The sooner you take out a life insurance plan, the better. This is because you will gain access to the best deals and discounts the sooner you make this purchase in your lifetime. You can easily compare quotes online to get a good idea of how much it will cost you to take out a life insurance plan right now.
The younger you are the more you need life insurance. That is because you are still accumulating wealth to leave behind. It’s also less expensive because the odds are lower that there will need to be a payout. As you get older life insurance is needed less and less presuming you have saved money and built up your asset base.
Many people get this backwards because its harder to sell life insurance to younger people because they aren’t thinking of their legacy yet.
Final Words on Life Insurance
Remember, life insurance is not only important for the breadwinner in the family, which is why everyone should consider taking out this sort of insurance plan so that they can make sure that finances are something no one needs to worry about if someone suffers an untimely death.
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.