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For most of us the task of making a budget and sticking to it each month is a challenge However as tight as  budgets can be, families just like yours understand the importance of having the right life insurance in place. A helpful starting place is determining how much life insurance you need. That's where Roiss Premier Insurance and your agent AJ Roiss can assist you. By answering a few questions, AJ can help you find the best policy to provide your family with what they need. Once you are comfortable with how much you need, you can explore the various types of insurance and their monthly impact to your budget. Being able to align your future financial needs with your current monthly budget is important. Understanding your coverage needs and the plan options available enables you to find the best insurance policy without reducing quality or amount of coverage.

Different types of life insurance vary in price and the benefits they provide. Once you've calculated how much insurance you need and how much of your budget can be allotted to a life policy.  


Term Life Insurance

 Typically, a term policy rather than a permanent* policy will offer you lower premium payments and may be preferred by those on a limited budget. However, if you have a need for a $500,000 policy and the price of term is still a stretch, a good rule of thumb is to buy as much life insurance as you can comfortably afford.


Permanent Life Insurance

Even though permanent insurance typically costs more than term, it can provide cost-effective savings in the long run if your budget will allow for the extra expense to get a policy started early. Remember, a term policy is temporary, and the coverage and low premiums you pay now will come to an end once the term expires. And because life insurance premiums are based on age, health, and other factors, you could be looking at paying substantially more if you decide to purchase additional insurance once your term policy ends. 

Combining term and permanent life insurance: For some, the combination of term and permanent life insurance can be a way to get the amount of coverage you need, lock into a fixed rate, and secure a policy that won't expire. For example, if you needed $500,000 of whole life insurance for the next 20 years (new mortgage, young dependents still at home, etc.) but could budget for only half of that amount, you could split the limit between a permanent policy and a 20-year term policy. This would provide you with the full $500,000 at a time it's needed most, and when the term policy expires you'll have a smaller permanent policy that would continue as long as the required premiums are being paid. 


If this is confusing for you, call AJ now and let him walk you through the steps to get your family the perfect life insurance for your life and your budget. 
Posted 9:34 AM  View Comments

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