Living in the moment is important, but as a young family In Overland Park, KS, you want to ensure that your family is fully protected in the event the unexpected should happen. The good news is that you can live with peace of mind while providing a financial safety net for your family by investing in a life insurance policy. HighPointe Insurance Services LLC wants to share a few tips regarding life insurance for younger families.
You never know when an accident may strike, regardless of your age. Therefore, you should never put life insurance coverage off. Apart from having peace of mind early on in life, starting a life insurance policy when you’re young and healthy can often help you lock in better rates.
Calculate an Appropriate Amount of Coverage
When determining the amount of coverage you want and need, you don’t want to go overboard and pay for more than necessary. However, at the same time, you want to ensure you have plenty to cover any outstanding debts, funeral costs, and future expenses your family may incur without your income. As a general rule, you should consider an amount between six and 10 times your annual salary.
Compare the Types of Coverage
There is more than one type of life insurance coverage, and it is important to compare them to see which one best fits your situation. Term life policies last only a certain period of time, such as 10, 20, or 30 years. As soon as this period is over, your policy expires. This is great for individuals who only want coverage until the kids are grown and major expenses have been paid off. Whole life policies offer permanent coverage because you pay premiums for the rest of your life, but they do cost more.
If you need help figuring out the best life insurance policy for your family, don’t hesitate to reach out to us at HighPointe Insurance Services LLC. Serving residents of Overland Park, KS and the surrounding areas, we can help you explore your options and find the best one for your needs.