When you’re a stay-at-home mom and you hear someone bring up the topic of life insurance, there’s a pretty good chance that you assume it’s something that you don’t need. After all, if you’re married, your spouse probably already has a policy that automatically makes you assume that you’ll be fine.
But the reality is that while you certainly hope to be around to see your children and grandchildren grow up, sometimes life does not go as planned. And if you were to pass on, your family will need as much financial support as possible.
If this has convinced you to take out a life insurance policy and you’d like some proven shopping tips, this is just the article for you. It’s going to provide you with five things that you should do in order to get the type of life insurance coverage that is reliable as well as affordable.
Do some research. Before deciding on what kind of life insurance policy to get, the first thing that you should do is research the different companies that you have to choose from. Luckily, there are lots of articles out in cyberspace that can provide you with some of the pros and cons of many different ones. One website that has a thorough listing of the best life insurance companies on the market is MSN Money. Just go to the site and put “best life insurance companies” in the search field.
Know what kind of coverage is best. When it comes to deciding whether or not whole or term life insurance is best, for most stay-at-home moms, term life insurance is the most ideal. For one thing, it’s highly affordable. Plus, if you’re someone who is planning to return to work at some point, being that term life is temporary coverage, you can take out a policy for the time that you need whether it’s 10, 20 or more years.
Be aware of how much you should purchase and what it costs. Before you get on the phone to speak with an insurance agent, it’s a good idea that you know how much life insurance coverage you should get and how much it typically costs. According to many life insurance experts, between $100,000 to $250,000 is sufficient. And as far as the cost, the good news is that if you happen to be someone who has no current health issues, you can get life insurance coverage for a really good premium price. In most cases, for around $15 per month.
Do some price comparison shopping. Say that you’re speaking with someone who works at an insurance company like InsureChance about taking out a life insurance policy, and they provide a quote that’s more than $15-20 month. Being that there are so many different life insurance companies out there, you shouldn’t feel pressured to go with their rate. It’s perfectly fine to keep looking until you find the price you’re looking for. In fact, you might want to look for a rate that suits you and call the first company back to see if they will being willing to match it.
Get coverage as soon as possible. Out of all of the tips that have been provided, definitely the most important one is that you make sure to get coverage as soon as possible. Although the hope is that you’ll live for a very long time, it’s still a good idea to have life insurance. It can provide you with the confidence that you need to know that your family will be financially supported—should the need arise.