In our most recent blog, we talked a little bit about how finding the right health insurance can be difficult, but we also offered some helpful tips for finding a health insurance plan that best meets your needs. Next, we life insurance fort collinswant to talk a little bit about life insurance. Searching for a life insurance plan in Fort Collins can be just as confusing and complicated as searching for a health insurance plan and just as there some important things to consider before purchasing a health insurance plan, there are also important things to consider before you purchase a life insurance plan. Here are a few things you should be thinking about while you are searching for life insurance coverage:
Do I Have Dependents?
One of the most important things you should be thinking about while searching for life insurance is your dependents. When you pass away, who is going to inherit your debt? Whether it is your mortgage or a car payment, someone is going to have to continue making those payments after you are gone. Who is going to be expected to pay for your funeral costs? Funerals are not cheap. We understand that this isn’t something people enjoy thinking about, but if you want to protect your family and loved ones from inheriting debt they cannot afford, then this is something you absolutely have to consider. Life insurance is a very effective way of caring for your loved ones after you have gone and ensuring that they are not burdened with unnecessary debt.
How Much Coverage Do I Need?
This can be a very tricky question to answer. According to Geico, “the industry benchmark is 10 times your annual income,” but that can also vary depending on the circumstances. When deciding how much coverage you need, it is important to think about how your family would make ends meet without you. What amount of money would be needed to replenish that income long after you have gone?
What Does Your Medical History Look Like?
Although you may be the epitome of health and fitness, you still may be at risk for developing certain diseases or illnesses, especially if they run in the family. It is important to get your health records in order for your insurance provider. Your health history will help determine what kind of life insurance plan you get approved for.