Many of us see buying life insurance and most types of financial planning as complicated endeavors. Not only does it seem complex, but it's also just not fun to think about the possibility of ever needing a life insurance policy. Life insurance is important, though, to protect your loved ones in case something unforeseen does happen. Many of us avoid the decision to protect our families, but IntelliQuote can simplify the process of buying a life insurance policy.
Why People Avoid Shopping For Life Insurance
People stay away from life insurance for a variety of reasons. We already mentioned the perception that it's complicated, which is simple enough to dispel. Many avoid the thought of ones possible demise, but there is also the miconception that life insurance is incredibly expensive.
According to a recent
LIMRA Insurance Barometer Study
, 86% of respondents claim they haven't purchased life insurance because it's too expensive. When asked, these same people overestimated the cost of life insurance by more than 2x. The truth is that life insurance is affordable.
Choosing the Right Type of Life Insurance
Once the excuses are off the table, you just need to choose the right life insurance policy for your needs. There are really just two basic types of life insurance policies that you need to understand: term life insurance and permanent life insurance, also sometimes called whole life or universal life.
A term life insurance policy is valid only for the policy term stated, which most commonly are 10, 20 or 30 years. The benefits of this type of policy are that it is the most affordable type of life insurance on the market, and you can select the best term for your needs. For example, if you have young children that you want to provide for, you might just buy a 20 or 30-year term policy to allow for coverage of their college education.
A permanent life insurance policy is just that - permanent. The policy is in effect for your entire life as long as you continue to pay the premiums. This is a good choice if you decide that you want life insurance in place long past retirement age. This policy also has the benefit of a savings accumulation or cash value. The downside to permanent life insurance is that it is more expensive than term life.
Comparison Shopping to Find the Best Life Insurance Value
Once you've decided what type of life insurance best suits your needs, it's a good idea to do a simple needs analysis to determine how much life insurance you should buy. While some experts recommend
five to ten times
your annual income, this could be too close to a guess. IntelliQuote has a simple
needs assessment calculator
that can help you determine how much insurance you need.
Now that you have this figure, you need only answer a few simple questions about yourself and the type of life insurance that you'd like to buy. Before you know it, you'll be provided several quotes from some of the industry's top life insurance companies, ensuring that you get the best value for your money. Find out how much money you can save with IntelliQuote's process and
start your quote
Knowledge is power. The more you know, the easier it is to make an intelligent choice. Everyday life, as well as certain events and circumstances, require you to make choices. And peace of mind is gained when you feel good about the decisions you make.
When it comes to life insurance, IntelliQuote is there for you to make the intelligent, well-informed choice. From term life insurance to universal life insurance and final expense insurance, we make it easy for you to compare, shop and save. Get multiple quotes now and make the intelligent decision for Life.