Besides the obvious emotional turmoil when you lose a loved one, if that loved one carried some or all of the financial burden of a household then that loss can become even heavier. For many families in Claremore, Oklahoma, one or both parents in a household work to pay the bills. Many parents worry about what will happen to their family if they die and the bills still need to be paid. Term life insurance is an affordable policy that is fairly easy to qualify for. Not all policies are the same, however, and there are a few key things you should consider when selecting a policy.
How Much Insurance Do I Need?
The average amount of insurance recommended by most brokers is 10 times your annual income. You might need more than this though depending on your debts and the size of your family. You’ll also need to consider are you trying to replace your income forever or just long enough to get over a hump and pay off major debts?
How Affordable Is The Policy?
When times are tough, causing you to cut expenses, life insurance policies are often one of the first things to get budgeted out of existence. Taking away your family’s safety net isn’t a great idea, in order to avoid this situation you need to find an affordable policy from the start. If you let your policy lapse it might be harder to get it back later. Make sure you go for an affordable premium that will be easy for you to sustain for the long haul.
Will You Get An Immediate Payout?
In the event of an untimely death, your family will need the money immediately. Sadly, some of the deceptively simple and cheap life insurance policies out there have a two to three year waiting period before the claim is paid out. To avoid this, look for a policy that says it pays “100% of face value from day one.”
Will You Get Treated Fairly?
Check the policy to make sure your health conditions or lifestyle is treated fairly. For example, it could be harder for a smoker to get a good policy. If you have diabetes or other health conditions you could face additional bias. Shop insurance companies to get the best deal for your personal situation.
Can You Convert Your Policy?
If you’re buying term life insurance but think you might want to convert to a permeate plan one day, better make sure that’s allowed under the policy you are taking out first. If you develop medical conditions during your term years, you could have issues finding a new plan when the term is up. If your policy is convertible then you will not have to go through underwriting again, making it much easier to keep your current coverage. The most important thing you can do when selecting life insurance in Claremore is to shop around and use a trusted insurance advisor to help you find the best deal possible.