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Buying Term Life Insurance Directly from an Agent
Life insurance can be an important financial safety for your loved ones if you pass away. Some people may be able to obtain life insurance coverage through their employer, but it may not be enough. That's why you should consider buying additional term life insurance coverage directly from an agent. Read on to learn why.
Is Employer-Based Coverage Enough?
Many Americans receive life insurance benefits from their employers. In fact, according to one estimate by the federal Bureau of Labor Statistics, 59% of workers have access to an employer-sponsored life insurance plan.
Of course, that still leaves another 41% without these employment benefits. And even among those with employer-provided coverage, many say that their benefits simply aren’t enough to cover their families’ financial needs.
This explains why many people choose to buy term life insurance coverage directly from an agent. You can choose the face value of the policy and the term, allowing you to purchase the right amount of coverage.
Do You Need Term Life Insurance?
If you’re considering term life insurance, the first thing to ask is: Do I need coverage?
Term life insurance may be right for you if:
- You have a spouse, children or others who depend on your income
- You’re paying off a mortgage
- You want to ensure your children have enough money for college
- You own a business
- You don't want to leave behind final expenses for your loved ones
How Much Coverage Should I Get?
When you buy term life insurance directly from an agent, you’ll have the opportunity to purchase exactly what you need, not just what your employer may provide.
So how should you choose among your options?
According to experts, there’s no simple mathematical formula, despite what some say. It’s often better to think through a few factors:
- Your debt and expenses. How much debt do you hold, and what are your family’s annual expenses?
- Income. How long will your dependents rely on your income?
- Education. What might education cost for your children?
Other Issues to Consider
As you’re shopping, you should consider:
- How policies are priced. Some policies have level premiums that don't increase over the life of the policy, while others may increase at different intervals.
- Whether to opt for a return on your premiums. Some policies allow you to recoup some or all of your premiums if you outlive your policy, but they may be more expensive.
- Buying young and healthy. The younger and healthier you are, the less expensive you may find policies to be.
Contact a licensed life insurance agent directly at 1-800-966-7169 to discuss your life insurance needs.