OCTOBER 5, 2020: If you’ve recently experienced a significant life change, such as getting married, having your first child, or starting a business, chances are, you are now more in need of life insurance than ever before. But for first-time buyers of life insurance, this can be a very daunting task. To help ease your mind, we’ve provided a list of some helpful life insurance tips for first-time buyers. Read on to find ways to get the best coverage without confusion or stress.
Understand Why You Need Life Insurance
Life insurance premiums have fallen during 2020, continuing a multiyear trend in that direction. While anyone experiencing a significant life event like those listed above often recognize the need for life insurance, others may not realize they could benefit from it as well. For example, while newlyweds and new parents have an increased demand for life insurance, so do stay-at-home parents and student loan cosigners. It’s best to look at your current financial situation and your dependents to determine how you could benefit from life insurance coverage.
Only Buy a Plan You Can Afford
Many people are surprised at how much life insurance they really need to protect their loved ones and their assets. Yet, it’s a mistake to forego any insurance coverage at all if you can’t afford the plan you want. Carrying a limited life insurance plan is better than nothing, and you don’t need to purchase the most expensive plan for sufficient coverage.
Think About Beneficiaries
A life insurance beneficiary is an individual or entity you name in your life insurance policy to receive funds if you pass away. Your beneficiary can be a person, business, charity, trust, or even a church. And it’s also important to note that you can have more than one beneficiary. If any proceeds will be dispersed to a minor, putting the money into a trust is recommended until they turn 18.
Enhance Your Coverage with Policy Riders
When you select the right life insurance policy, it’s essential to ask your agent about the types of policy riders available to you. Riders, or endorsements, are ways to customize your policy to meet your budget and needs.
Think About Your Future
Don’t just look at your current needs, such as a new marriage or child. It’s also important to keep in mind your future needs, like a bigger family or potential business, and what those needs could include. By considering these aspects, you’re investing in the security of your future. Life insurance is more affordable than people think, even more so for people who are young, healthy and are buying for the first time.
About National Catholic Society of Foresters
At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.