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Preparing For The Unexpected

When it comes to decisions in life, one of them should be about how you will provide for your family should the unexpected happen to you. It’s not a topic that comes up all too often with all the other factors in life such as rising health care costs, gas prices, mortgage foreclosures, and the recent economic crisis. With such an uncertain economy, one of the best strategies to take is to prepare for the unexpected so that your family isn’t caught off guard by life’s surprises.

Life insurance is within your reach. Get started here.

Quick Guide To Life Insurance Policies

There are some basics to life insurance to consider when searching for a policy that will help you understand how it all works. Here are two major types of life insurance, however some providers will offer hybrids or a combination of the two, but the basics are:

Term Life

Is a policy that is set for a specific duration of time, usually these policies run in increments of 5, 10, 15, 20, and 30 years. They cover you only for the selected duration of coverage. This is one of the most flexible forms of life insurance in that you can always switch to another policy down the road. However should you wish to extend your plan with the same provider you are more than likely going to have to pay higher premiums for starting a new policy. Or you can get supplemental coverage such as traveler’s insurance. Term life policies often take less in the way of costly exams that whole life customers have to deal with.

Whole Life

This is often referred to as permanent life insurance as well. This is because whole life policies cover you from when the policy starts for as long as you live. You pay over the course of your life usually within a consistent amount year after year, with increases to usually within an expected amount. An added advantage to whole life policies is that once you reach your policy amount you can keep putting money towards the policy amount. With some plans you can even borrow or invest from the balance of the policy.

While researching these policies try to consider all of the different factors of how you would like to best support your family when you pass. A good start is calculate your monthly income and spending, and what your family depends on you for. This may be mortgage payments, bills, credit card bills, health insurance, car payments, and many other monthly costs. Then you will want to do your research about funeral costs in your area and factor that in with the monthly costs and make the best judgment about how long your family will need to recover from their loss. Everyone should take the initiative to make sure that their families are safe and protected even when you can’t be there for them.Get started by requesting a quote here.

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Colonial is not an insurance carrier or broker. We cannot guarantee a quote from a specific carrier, and we cannot guarantee that all products are available in all states. The information and suggestions on our site are intended for informational purposes only, and we expressly disclaim any representations or warranties, express or implied, regarding the accuracy of such information.