The life insurance forum and disability insurance forum can help with these personal insurances.
Do you need life insurance? Not everyone actually needs to have life insurance. You need to ask yourself, are there others that depend on me and my income? If you don’t have dependents you probably don’t need to have life insurance, or you can have a very small policy that would help pay for your final expenses. If you have young children you will need a larger policy so that there would be money they could use for everything from daily living to higher education.
Buying life insurance can be overwhelming. The terminology used to describe different types of life insurance can leave you bewildered. Go to the life insurance forum on insuranceboards.com to get your questions answered and help you to understand the different types of polices.
Term life insurance lasts only for a specific amount of time. It is less expensive, partly because for most people its benefits are never used. Whole life insurance lasts until the day you die. It is more expensive but can include other benefits like being able to be borrowed against if you were to need money. If you are unsure of which is more appropriate you can post a message with your situation on the life insurance forum, then let people give their opinions. You may hear some thought you have never considered that will help you make the final decision as to what to buy.
Deciding how much life insurance to purchase is another daunting task. Post a message that sketches out your situation, then let people answer back. You will get many opinions, but remember that in the end it is up to you to figure out how much you need because every situation is different. There really is no “rule of thumb” to follow so don’t let someone tell you there is an equation to use as the final answer.
The second type of personal insurance that many people want today is disability insurance. It is different than life insurance. In some respects it covers the same area of providing for dependents though it will also cover your individual needs as well. When you consider that you are 3 times more likely to become disabled during your working lifetime than die you can see how important disability insurance is. Don’t assume that Social Security disability will help because for most people it really will not as it is difficult to qualify for and does not pay much.
Taking your questions to the disability insurance forum can really help you make the right decision on what to buy. Ask for other people’s suggestions on which websites to read for unbiased explanations. Get help understanding exactly what you need to be looking for in a policy. Don’t just buy the first thing you see because it may not be right for you. It is true that you need to buy disability insurance while you are healthy, but don’t rush so fast that you purchase a policy that really will not cover you properly.