Sign Up

Continue with Facebook
Continue with Google
or use

Have an account? Sign In Now

Sign In

Continue with Facebook
Continue with Google
or use

Forgot Password?

Don't have account, Sign Up Here

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Have an account? Sign In Now

You must login to ask question.

Continue with Facebook
Continue with Google
or use

Forgot Password?

Need An Account, Sign Up Here

Please briefly explain why you feel this question should be reported.

Please briefly explain why you feel this answer should be reported.

Please briefly explain why you feel this user should be reported.

Sign InSign Up

Ansfind

Ansfind Logo Ansfind Logo Ansfind Logo Ansfind Logo
Add question

Ansfind Navigation

  • About Us
  • Groups
    • Add group
Search
Ask A Question

Mobile menu

Close
Ask a Question
  • Home
  • Communities
  • Questions
    • New Questions
    • Trending Questions
    • Hot Questions
  • Polls
  • Tags
  • Points
  • Users
  • FAQs
  • Help
  • Contact Us
Weboptify
Weboptify
Asked: August 20, 20212021-08-20T21:23:44+05:30 2021-08-20T21:23:44+05:30In: Finance

What are 3 things you need to consider when buying life insurance?

I’m a 26 year old student with a fairly new baby at home. I currently do not have a mortgage or credit cards, and I do not have any debts. My income is $40k per year, and my outgoings are around $10k. I have my life insurance in my name and my husband has it in his. My $30k per year salary, with no other liabilities, would be completely covered by the life insurance. Is it time to consider buying life insurance now, or am I being a bit foolish by not looking into it already?

life insurance
  • 1
  • 11
  • 18
  • Share
    • Share on Facebook
    • Share on Twitter
    • Share on LinkedIn
    • Share on WhatsApp
Answer

    Related Questions

    • What is Life Insurance and What are the Advantages of it?
    • How Much Life Insurance Do I Need?

    1 Answer

    • Voted
    • Oldest
    • Recent
    1. Manu Murthy
      2021-08-20T22:36:15+05:30Added an answer on August 20, 2021 at 10:36 pm

      A life insurance policy is designed to provide income to your loved ones in the event of your death. It protects your financial position while not exposing your loved ones to financial hardship.

      Life insurance is the best method to ensure your financial position is protected in the event of your death, though it doesn’t completely protect your family. A healthy life insurance policy can be a useful asset and there are a number of types available.

      Look at 3 important things to consider when purchasing life insurance:

      1. Decide how long you need coverage.

      Life insurance is designed to protect you in the event of your death, either through a natural cause or a medical emergency. Knowing how much coverage you need in each situation can save a lot of money by lowering your premium.

      2. Find the right amount of coverage.

      The more coverage you need, the more money you’ll pay per month. At the same time, you should also look at decreasing your coverage if your risk levels decrease. If you’re a healthy 45 year old that doesn’t do anything physically strenuous, you may not need all the life insurance you’re currently paying for.

      3. Name a beneficiary.

      Name a beneficiary, and don’t change it, ever. At least not without talking with the beneficiary to explain what’s happening. It’s one of the biggest things we say before purchasing life insurance, but I still see too many clients making the mistake of changing their beneficiary. It’s just one of those things you’ll probably need to come back to. Even if you don’t use a life insurance policy, make sure your beneficiaries are updated.

      • 1
      • Reply
      • Share
        Share
        • Share on Facebook
        • Share on Twitter
        • Share on LinkedIn
        • Share on WhatsApp
    Leave an answer

    Leave an answer
    Cancel reply

    Browse

    Choose from here the video type.

    Put Video ID here: https://www.youtube.com/watch?v=sdUUx5FdySs Ex: "sdUUx5FdySs".

    Sidebar

    Top Users

    Weboptify

    Weboptify

    • 3,290 Points
    Wish Lay

    Wish Lay

    • 2,361 Points
    Manu Murthy

    Manu Murthy

    • 1,635 Points

    Adv 250x250

    • About Us
    • Home
    • Communities
    • Polls
    • Tags
    • Points
    • Users
    • Help
    • Contact Us
    • Referrals
    • Policies
      • Privacy policy
      • Terms of use
    Revenue

    © 2022 Ansfind. | Designed by Weboptify

    monetization_on category home emoji_events
    search
    help

    Insert/edit link

    Enter the destination URL

    Or link to existing content

      No search term specified. Showing recent items. Search or use up and down arrow keys to select an item.