There is no magic number when it comes to life insurance rates

Before you buy anything, compare rates and policies. Knowledge is power.

This can never be said enough: “Always read your insurance policy.” While that statement typically tends to elicit loud groans, it is vitally important you know what is within the four corners of any insurance policy you buy. This is why you need to read the policies and compare rates before you buy something. You also need to have a general idea of what you want in terms of an amount for your policy. Don’t get too uptight about choosing a number, because there really isn’t a magic number.

Generally speaking you need somewhere between ten and twenty times your income when choosing term life insurance. That is not a hard and fast rule. It is just a suggestion, as everyone’s situation is different. Some people will add up everything they make, no matter from what source. Others will just figure out a number based on their monthly paychecks. In short, you need to decide for yourself how much coverage you want. Or, if you wish, discuss that with an insurance agent and get some other suggestions. It’s pretty much up to you as to how much you want and need.

How long do you need your insurance? Again, that choice is up to you. Having said that you may choose anywhere from 10 to 30 years. Usually, younger people choose the 30 year policies, largely because they get a low rate for a longer period, but again, every situation is different. Some like 20 or 25 year plans if they have young kids. The point is you have choices and quite a lot of them, to make anything possible. In other words, you have flexibility and that is important.

Be aware that term life insurance rates are different for every company, and that is not unusual. Just do your homework, shop around, see what fits and go from there.

Many companies offer a wide variety of incentives to their customers as well, such as return of premium or a yearly renewable policy if that is more suitable than a long-term policy. If you want something, chances are it is out there for you to find with a bit of online searching.

Buying term life insurance is a big decision and one that you need to take time deciding on what you want. The last thing you need is to end up with a policy that ultimately costs you more than it should. Yes, it happens if you don’t watch what you are doing, ask questions and stay informed. Truly, it is your life —- insurance policy.

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