10 Things You Need to Know About Life Insurance

1. It's cheaper than you think.
A healthy 40-year-old man could get a term policy for as low as $25 a month.

2. Life insurance isn't a one-size-fits-all product
"10-15" times your income" may work for some people, but not others.

3. There's more to consider than simply cost.
Consider the carrier's financial strength, claims paying ability, and product features.

4. Buy when you are healthy (and young).
The older you get, the more life insurance is going to cost you.

5. Stay-at-home spouses need life insurance too.
The responsibilities of your stay-at-home spouse are the equivalent of a full-time paying job.

6. Group coverage (offered by your employer) may leave you uninsured.
In most cases, the moment you leave your job, your coverage ends.

7. Life insurance isn't a one time purchase.
Circumstances change (marriage, divorce, or birth) which may require you to get more life insurance.

8. Life insurance is an investment...for your family.
Just as stated above, circumstances change (marriage, divorce, or birth) which may require you to get more life insurance.

9. Honesty is the best policy.
Be truthful when filling out your application.  Don't put your family at risk by having your claim investigated or denied.

10. Prices vary dramatically among the various life insurance companies.
Spending a few moments to compare can save you thousands of dollars over the lifetime of the policy.

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.