How Much Life Insurance Do You Need?

Life Insurance

How Much Life Insurance Do You Need?

How Much Life Insurance Do You Need?

Rob Berger, the founder of DoughRoller.Net, says, “Life insurance is one of those necessary evils in our lives. Much like all insurance products, many of us need it, but we want to pay as little as possible.”

The principle behind life insurance is simple: the higher your premium, the bigger the payout will be. It’s important to understand how much coverage you really need. There are ways that you can make sure you’re getting the coverage you need – without paying too much.

One of the things that Berger recommends you consider is the length of your policy. “If your mortgage will be paid off in five years, you may not need the same huge payout for a ten-year term.” And, of course, the longer the term, the higher your premiums will be.

Berger also says you may be able to save on your premiums by asking about benefit tiers. “Once you have a number [for the amount of coverage you need] in mind, you may find that you can save money by rounding up. Premium rates for certain levels of coverage often drop when you hit certain thresholds of coverage. Paradoxically, a $500,000 policy may cost less than a $490,000 policy.”

Of course, the best way to make sure you get the most from your investment in life insurance is to make healthy lifestyle choices. “Stop smoking and get in shape,” Berger says. “When I purchased my term life insurance, I got 3 times the insurance as a friend of mine, but I paid less. He was overweight, and the result was much higher premiums. If you’ve lost weight since you bought life insurance, get new quotes to see if you can save some money.”

The professionals at B & B Insurance know it’s not just about the numbers. Life insurance is an important part of your personal safety net – and your family’s peace of mind. At the same time, it can help you achieve your financial goals. We’ll help you determine how much coverage is right for you. Whether you need a quote on car insurance, life insurance or even Florida boat insurance, let us help. We can be reached at (561) 586-0029 or bbinsure@aol.com.

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