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Achieve These 4 New Year’s Resolutions with Life Insurance

You might be wondering how purchasing life insurance has anything to do with achieving a New Year’s Resolution. It might seem a bit far-fetched, but life insurance can actually knock off a few items off your resolution list.

Most people step into the new year trying to be a better person. Buying life insurance can actually help you fulfill your goal because it has immense benefits to you and a lot of other people.

The right policy will be able to provide for housing, food, college, and other everyday costs for your loved ones if you do pass away. Life insurance removes a lot of the questions surrounding finances and also helps people stay on track with retirement goals even if an income stream goes away.

1) A life insurance policy also keeps family members safe from having to inherit debt. You do not want your loved ones to have to speak with and deal with collections agents for things such as credit and auto loan payments. A life insurance policy can cover these types of expenses and be used to mitigate any debt you might have had.

Family members can also choose to donate some money out of your life insurance policy to a charity or social organization, ensuring your legacy sustains itself for the future.

2) A good life insurance policy can actually help you in efforts to get healthier. Staying healthy and keeping up with exercise and your diet will actually make your insurance cheaper. Underwriters for life insurance classify people based on how risky you might be. They usually ask for a simple medical exam to track your cholesterol and blood pressure and then come up with a risk profile, and an appropriate policy that correlates.

Good exercise and dieting habits are a good way to start of 2019 and will also pay big dividends with insurance expenses. Obesity and weight also correlate with your life insurance payments, along with any smoking habits.

3) A life insurance policy can galvanize you to spend less and save more to devote more money to the policy. Additionally, taking out a policy means that you are trying to have a broader overview of your life and finances, which is a great habit to get into. Taking out life insurance means you are thinking for the long term when it comes to your financial habits.

Actually trying to determine your life insurance needs requires an overview of your expenses, debts, and other financial plans, which is a great way to get an overview of your money and start to think about a plan for the future. Life insurance can be a great way to get you think about your finances.

Click here to learn why you need life insurance at every stage of life!

4) Life insurance can assist you to meet goals related to family and help you spend more time with them. A good policy will ensure that your loved ones do not go through significant hardships if you pass away. One of the best ways for you to show love and appreciation for family members is to take out a good policy to set them up for the future. This is a resolution that certainly looks beyond 2019, but still has a goal of helping and giving assistance to your family right now.

Life insurance is a great way to knock off some of your resolutions because it mitigates a lot of stress for your life. Having financial security for you and your family is something that will bode well down the road in the future.

Do you have a question about life insurance? Click here to contact Davco Insurance today!

Courtesy of  Cuselleration

Buying Life Insurance for the First Time? Read these 5 Tips

Making the step to buy life insurance can be a daunting affair. There are a lot of options and companies out there who are all pitching their services to you. Many people who are in the market for life insurance wonder about the types of policies available and how much coverage they should actually buy.

Ultimately, life insurance is designed to provide loved ones with financial security after your death. Policies can be used to pay off mortgages, help fund retirements, or be put toward estate planning.

Life insurance will always be cheaper for the younger, so consider buying a smaller “starter” policy if you do not think any of the above situations apply to you just yet.

In order to make the process a bit smoother, and help you get more comfortable with the idea of buying life insurance, keep these five tips in mind as you shop.

1) Figure Out The Coverage You Need: The death benefit is the amount of money a family or heirs will accrue after your death. There are a variety of online calculators you can use to figure out how much life insurance is appropriate.

To come up with a good ballpark figure for coverage, you could also just take your yearly salary and multiply the number by 8. For a more comprehensive understanding, take the time to calculate the monthly expenses your family will take on after your death.

No matter what, be advised that calculators are only good for theoretical scenarios, and their determinations should not be taken as gospel. However, they can be good ways for you to get an idea about how much coverage to get as you rely on other tools and experts.

 

Click here to learn why millennials need life insurance!

2) Study Up On The Industry: Before buying life insurance, take the time to understand important definitions, like “premium” and “dividend.” Taking the time to get educated about the industry can make your conversations with financial professionals more productive, and ultimately make your life insurance search more fruitful.

3) Check Out Provider Quality: Another important element behind life insurance is the expertise and reputation of the provider behind it. Be sure to pick a company that has an established presence in the industry, along with one that had a prudent investment strategy for premiums. This ensures they will be able to pay policyholder’s claims.

4) Search For The Best Type Of Policy: After making a decision about the type of coverage you will need, it’s time to sit down and mull over the different types of policies. Generally, a term life policy will give you a more affordable premium, but permanent life policies will afford you
better coverage that could also offer cash value.

5) Speak With An Experienced Financial Professional: No matter what, it is always smart to sit down with an experienced financial professional before buying life insurance for the first time. They will be able to review your situation and advise you about the best options.

Good financial professionals are also able to draw on their years of experience to factor in the needs of you and your family, and help guide you toward a life insurance policy that best reflects what you need. It can be tempting to just do research and make decisions on your own, but the life insurance industry can be a confusing one, and making the step to buy life insurance is a big decision.

 

Do you have a question about life insurance? Click here to contact Davco Insurance today!

 

Courtesy of  Cuselleration