What You Should Know Before You Go Shopping For Life Insurance

Published October 11, 2020 489 Views

Rumble Unfortunately, the novel coronavirus pandemic has gotten more and more Americans thinking about writing wills and getting life insurance.
According to Business Insider, if you're in the market for a life insurance policy, there are three things to know before you sign on the dotted line.
First, a term life insurance policy is usually the cheapest. And the younger you are when you take it out, the cheaper it usually is.
Second, whole life covers you for your entire life--not a fixed term, like term life. Actually an investment vehicle, it's five to nine times more expensive than term.
Finally, you'll need to know how much insurance you need. Will it need to cover a mortgage? College funds? Ongoing care for a disabled child or parent?
It's a good idea to use an online calculator to help you decide the size of your policy, as it will also take inflation into account, as well as your local cost of living.