We’ve discussed the best way to select your coverage amount, and how to prioritize your length verses immediate needs. Now, let’s make some sense of those dollars and cents. Just ask yourself this very basic question: “How much premium can I afford, and how much do I actually WANT to spend?”
A Penny For Your Thoughts
This question should always be the last thing you ask yourself when exploring options. At this point, you should know how much coverage you want. You have also discovered what your priorities are in the present, versus the future – helping you to determine your financial capabilities and what they will allow in terms of coverage and length. Essentially, you already have an idea of how much you can afford to spend! By answering the first 2 questions, your 3rd question has answered itself.
A Game Plan for the Present – and Future
You wouldn’t rush out to buy a car without knowing exactly what your budget allows – choosing your coverage plan is no different. You find the features you want, determine how long you want to pay on it, and identify how much you are willing (and able) to spend to satisfy your present needs. It’s important not to jeopardize your future by making the wrong decisions today.
Choosing life insurance plans may seem complicated, cumbersome and involved. It doesn’t have to be, if you ask yourself these 3 question: