The simple answer is: you should pay an amount that you can afford. People who buy life insurance with the last dollar in their monthly budget will end up dropping their policy when emergencies arise. Life insurance that is dropped is of no value at all. Setting aside an affordable amount to pay life insurance premiums will help ensure that your policy is active when needed.
Also, many people feel that if they can't buy a large amount of life insurance, they will buy none at all. Who among us would not welcome an extra $10,000 of cash at the traumatic time of losing a loved one and trying to take time off work, arrange for a funeral, house relatives or travel to the location of the funeral? It does not take a million dollar policy to show love for those who are left behind.
Of course, premiums differ for different types of policies and different types of risk. If you are using your life insurance to provide income during retirement, it will take a much larger portion of your budget than if you are just funding your funeral. Also, life insurance for those who are older or of poorer health will cost more than life insurance for young, healthy persons. But there is also a greater chance of the death benefit being paid out sooner when the insured person is older or suffers from poor health.
A licensed agent can help you look at your whole financial picture and pick out a policy that will meet your needs at an affordable cost.
That is a great question! The price can vary considerably from policy to policy, because the company bases the cost of each policy on several variables that are unique to you. Your age, your gender, and whether or not you smoke can make your cost much different than mine. Your particular health history, and what prescriptions you take are factors. The type of policy itself, and the amount of coverage also help determine the price. If you would like to contact me directly, I can give you a better idea of what your can expect to pay. Thanks for asking!
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Also, many people feel that if they can't buy a large amount of life insurance, they will buy none at all. Who among us would not welcome an extra $10,000 of cash at the traumatic time of losing a loved one and trying to take time off work, arrange for a funeral, house relatives or travel to the location of the funeral? It does not take a million dollar policy to show love for those who are left behind.
Of course, premiums differ for different types of policies and different types of risk. If you are using your life insurance to provide income during retirement, it will take a much larger portion of your budget than if you are just funding your funeral. Also, life insurance for those who are older or of poorer health will cost more than life insurance for young, healthy persons. But there is also a greater chance of the death benefit being paid out sooner when the insured person is older or suffers from poor health.
A licensed agent can help you look at your whole financial picture and pick out a policy that will meet your needs at an affordable cost.