Forbes Says You Need Life Insurance: Find It Here at the Best Price

Forbes offers the advice that you need life insurance. And when Forbes speaks, people listen, so listen up.

Forbes says buying life insurance “is an essential part of life and a crucial element of sound financial planning.”

Forbes says the key is to move before you’re forced to make the smart move.

“Most people procrastinate until there is an important life event that pushes them to buy it,” says author Kristin O’Keeffe Merrick.

She adds that there are major benefits to buying insurance early on in life, particularly for those who have significant debts, are married or are planning to marry. The real pressure comes on once someone starts a family or becomes a business owner.

Merrick says “Term” life insurance works like this: Pay an annual premium for the “term” of the policy and, if you die within the specified “term”, the beneficiary collects the specified amount of the policy – and tax-free. If you own a home, a business, or have personal liabilities, your next of kin becomes responsible for those liabilities. Do you want your spouse, your parents or your siblings to end up on the hook for paying your debts? Of course not.

So how much insurance do you need? For the most part, it depends on variables such as your age, your sex and how much coverage you can afford. Insurance agents usually recommend that you purchase a policy that will pay off some 7-10 times your annual salary. If you make $100,000 a year, you should think about buying a policy which covers you up to between $700,000 to $1,000,000 in total.

Insurance is complicated and competitive industry, and as with any industry, some practitioners offer better products and prices than others. Do the sensible thing and check out prices and packages from as many insurers as you can. Our app lets you get anonymous life insurance policy quotes from 50 companies in a matter of a few seconds, so start here…

Keep in mind that the price of insurance premiums ratchets up progressively the older you get, and it happens fast. Premiums are often twice as expensive for a 40-year old than they are for a 35-year-old, so time is money.

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