Menopausal Mother

Many people postpone getting life insurance because they are uncomfortable going to a doctor's office or cannot afford an in-person visit. Some insurance companies send physicians to your house to do the health exam, which includes blood and urine samples, a stress test, height and weight measurements, and possibly an EKG. A patient's age also factors into the cost of the insurance. In most cases, the older you are at the time of buying life insurance, the higher the premium. For this reason, you should consider purchasing a plan while in your 20s and still healthy--or by the time you have people dependent on you, such as a spouse and children.

Why is life insurance so important? It helps your family cover financial burdens after you are gone. These expenses include funeral costs, medical bills, or other outstanding debt such as a mortgage. Essentially, it replaces lost income for the surviving spouse and covers future living expenses. Knowing that your loved ones will be taken care of once you're gone will also give you peace of mind. 

There is a wide range of life insurance policies available, and it's essential that you do your research before purchasing a plan that is right for you. First, look at your monthly income, expenses, and debts. Calculate what money you have left after monthly bills are paid to see what payment plan works best for your family. Secondly, decide on what type of coverage you need. For example, do you have a mortgage payment, a child's college education to pay, or a personal/business loan debt? Lastly, choose which type of policy will provide exactly what you need. Some of the more popular options are term life (which lasts about 10-30 years) or a whole life policy (permanent). 

It's never too late to prepare for the unexpected. Consider speaking with a financial planner who can asses your situation for the most affordable policy. Once you find the perfect plan, you can rest easy knowing your family will be financially comfortable for years to come.