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It's an ideal time to get life insurance if you're newly married, earning a high salary, or starting a family.
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Life insurance isn't something you should put off.
It's an ideal time to get life insurance if you're newly married, earning a high salary, or starting a family. If anyone relies on your income for their financial well-being, whether a spouse, children, aging parents, or anyone else, you probably need life insurance. Plus, usually, the younger you are, the better the rate you lock in on a fixed-rate policy.
Life insurance policies come in many different varieties, though, and navigating the fine print to find the right one for you can be intimidating. You also want to make sure you're getting the best deal, money-wise. For most people, experts recommend term life insurance because it's cheap and simple.
You purchase a policy for a set term — usually 10 to 30 years — and during that term, you pay premiums to keep your coverage active. If you die during the term, your beneficiaries receive a death benefit. If you don't die during the term — the preferred outcome — your coverage ends when your term expires and you don't get any money back.
How much you pay depends on how much coverage you want, the type of policy you get, and how much risk you pose.
If you're signed up for group life insurance through work, you only need to supplement that amount with an individual policy. Many companies offer life insurance coverage for employees, but it's usually a multiple of annual salary and not enough to replace income for a family. The policy is often free and the money is guaranteed, so it's typically worth taking.
Some employers offer supplemental life insurance to make up the difference, but it's smart to compare rates for additional coverage through a third-party broker.
1. Life insurance premiums are based in part on where you live, so the site immediately wants to know your ZIP code so it can find insurers in your area. You'll also need to provide your gender, date of birth, citizenship status, and relationship status.
2. Next, you need to provide some basic information about your health: your height, weight, whether you smoke tobacco, whether you have been treated or take medication for depression, high cholesterol, drug abuse, or another serious condition. You'll also need to disclose any serious medical diagnoses of close blood relatives.
3. If no serious medical conditions, you will probably have some low premiums to choose from.
4. You should get a call from YourLifeInsurance411 within minutes to verify your information. From there, your Yourlifeinsurance411 representative will schedule your medical exam — this is required for everyone who wants to buy a life insurance policy — and answers any questions you have.
5. You can check the progress of your application through the online dashboard. In many cases, the medical exam is done by a nurse who will come to your office or home at the expense of the insurance provider. It's very similar to a physical you would get at your primary care doctor's office. Once the medical exam and underwriting process is complete, you can e-sign your policy via computer or phone.
