Disclaimer: This article was sponsored by SelectQuote, but all thoughts and opinions are my own.
No matter how old you are, it is never too late to start detailed financial planning for your future. For most people, financial planning consists of a savings account and an individual retirement account of some sort, and that’s it. One item that many adults, young and old alike, fail to plan for is life insurance. I was one of those people not too long ago, who seldom gave life insurance a second thought. Too much of a hassle. However, after having settled down with a wife and children, it became all too easy to see how my retirement savings and investments would fall far short of what my family would need for the long term, were I to die suddenly. So I did some quick research. What I learned about life insurance changed my outlook on financial planning, so I am happy to share it here.
Whole Life Versus Term Life
There are basically two types of life insurance policies, whole life and term life. Whole life policies are typically a long-term “permanent” life insurance policy that an insurance company makes with an individual for a lifetime of coverage. Term Life insurance provides coverage to an individual for a certain period of time. Both policy types pay a gratuity upon the policyholder’s death. However, whole life policies are essentially a lifelong contract with the individual, whereas term life policies expire after a set period of time, and must be re-negotiated upon expiration.
In many cases, term life insurance is a superior option to whole life. Term life insurance is almost always less expensive than whole life, often considerably so. Term life is more adaptable to your needs as well; you can choose coverage for a certain amount and period of time that you think is necessary, and then adjust your coverage as your life changes. Relative to whole life policies, term life policies are more straightforward and easier to understand, too. Finally, it is extremely easy for consumers to shop and compare different term life policies online. That is how I discovered SelectQuote, and ultimately chose a term life policy whose coverage protects my family and provides me peace of mind.
Using Selectquote to Get Term Life Insurance
A co-worker told me about SelectQuote when I began my search for a good term life policy. I went to the website, and clicked on the “select a free quote” tab. A drop-down form appeared that asked for basic contact information, the type of coverage I wanted, and some life history data, which took about five minutes to complete. I completed the form, and later that day, an agent from selectquote called. Based on my age and family situation, the agent even suggested that I get a shorter-term policy than the one I had originally selected. I selected an insurance company whose rates and coverage I liked, completed a more detailed application, and within a week, I had my first term life insurance policy. Just like that, I had helped secure my family’s future.
Don’t Wait Forever…
With great resources like SelectQuote, it is easier than ever to shop around and find the term life policy that is just right for you. But just because it’s easy to do, don’t wait forever to get started. You never know what is going to happen. No one wakes up in the morning expecting that this day will be his or her last. But most of us do spend a considerable amount of time worrying about the people we care about, and hoping we are doing enough to provide for them. Choosing a good term life insurance policy is one of the most important ways we can ensure our families are well taken care of, even if we are no longer with them. So don’t waste any more time. Go to SelectQuote today, and find the policy that is right for you.