4 tips for finding the right life insurance plan

What to consider when looking at different policies.

12:43 28 May 2013

Many of us may wonder about our families and what they would do if something were to happen to us. Life insurance is just one of the ways we have to protect our loved ones from further tragedy.

 

Here are a few things to consider if you don’t already have life insurance, if you do have life insurance now is a good time to review your plan and make sure it still suits your needs.

 

• Income—when you shop for life insurance you’ll want to know your annual income. Many people try to get a plan that will help replace the equivalent of the income while some try to obtain extra funds for the family.

 

• Inflation—when looking at plans, some may already take into account changes in living expenses and inflation, but other times you may need to estimate this and then choose the plan which works best for your life insurance expectations.

 

• Payments—for most people the amount you need to pay for a policy is a concern. You might want better coverage, but there might not be a payment option that fits your needs. Find out what can be done if you want to add more coverage later when you can afford it.

 

• Types—there are many types of life insurance cover and it can be a headache keeping them all straight. Take your time to learn about each one and talk to a couple different advisors to ensure you’re getting the right information.