Life insurance

Yes. In fact, according to a report by nonprofit Life Happens, consumers think life insurance rates are nearly three times the actual price. Despite the misconception about the cost of life insurance, there is a policy to fit almost every individual’s financial situation. And since premiums are dependent upon factors like age and health, the sooner you purchase a policy, the lower the rate you are likely to pay.

While the life insurance policies that employers offer provide some security, the coverage amount is usually not enough and is only valid while the insured is actively employed with the company.

The younger and healthier you are when you purchase life insurance, the lower your premium is likely to be. Rates are based upon mortality tables that consider age as a factor, and the longer you wait, the greater your risk of certain health issues that can increase your price and limit your options of policies.

Yes, while the price and options may be affected, many insurers offer policies to people with serious or multiple health issues. A guaranteed issue policy is one option that requires no medical exam and eliminates some health-related questions that are included in other types of policies. By disclosing your conditions when you apply, you can work with your agent to find the best way to meet your insurance needs.

Depending upon the specific coverage and provider, many life insurance policies offer flexibility. To make sure your coverage evolves with your life stages and financial goals, you may be able to adjust coverage amounts, update beneficiaries, or even convert a term policy to permanent coverage.

Yes, many people hold multiple policies to cover different financial goals. For example, it’s common to use one policy to cover a mortgage and another to support family expenses in the event of a lost income.

Life insurance is one of the best ways to give your family the peace of mind that comes with financial security in the event of your passing. By covering costs like funeral expenses, outstanding debts, or everyday living expenses, you can continue to take care of your loved ones, even in your absence.

Optional add-ons that change or expand your life insurance benefits to fit your specific needs are called riders. Accelerated death benefits, premium waivers and child term coverage are common types of riders that enable you to customize your coverage to include more than what is typically included in a standard insurance policy.