By Sila Rodney
Life insurance provided by an employer is a fantastic benefit. However it should not be the only coverage because in most cases the policy does not provide enough protection.
Furthermore, the employer-provided insurance is often not based on the specific needs of the insured. Therefore, it is advisable to consider a personal non-employer paid policy.
This will help you secure more coverage to help protect loved ones. If you have a pre-existing medical condition or are unable to undergo a medical check you may consider the no-exam life insurance. To maximize the benefits of the no-medical exam policy, consider the following:
· Insure secondary breadwinner
Many people limit the benefits of insurance by insuring the primary breadwinner alone. If a family has several members who give income to the family they should all be considered for insurance.
Furthermore, it is equally important to recognize the input of members responsible for caring and maintaining the home, for example in the form of child care. Their contribution offers significant financial value. Indeed, if such a person died the family would have to incur large expenses for child care, housekeeping, looking after elderly parents, etc.
· Apply at any stage of life
Many people assume insurance is ideal for married people or people with families. However, the right coverage can offer significant benefits, regardless of your status, in the event that something unexpected happened.
Insurance is recommended as long as you have dependents including siblings and other relatives. Furthermore, the benefits derived from insurance can be channeled towards closely held business interest, buying & selling business partnerships, debt obligations, philanthropic projects & charities, medical bills and funeral bills, charities/Philanthropic projects.
· Purchase enough coverage
Insurance shoppers often make the mistake of buying policies that do not offer enough coverage. When buying insurance it is important to take into consideration your needs.
This will help you decide the amount of coverage you need. However, when choosing insurance do not focus on your most obvious expenses- to choose the right cover you need to decide how your loved ones need help to support the household.
You need to determine whether additional childcare costs, children's college education, mortgage and medical needs will be properly covered. This will avoid being drastically underinsured.
A good company seeks to know your unique situation in order to recommend the most appropriate plan. Coverage of $500,000 or $1 million by sound colossal, however if you are young and have a family this amount is not too much, in the event of your untimely death.
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