Who should have life insurance? Well, if you have a family you’re probably considering getting some.
You certainly don’t want to leave your family struggling financially, but at the same time, you don’t want to jump at the first offer you get for life insurance.
First, look for a policy that’s in line with your budget and needs. If you have children, you might need more coverage.
And regardless of your age, make sure to find one that covers funeral expenses so that your family is not scrambling to pay for it.
Get San Diego local news, weather forecasts, sports and lifestyle stories to your inbox. Sign up for NBC San Diego newsletters.
What’s universal life insurance?
It's the most common form. It’s more of a permanent type. As long as you pay the quote or monthly payment, the policy will remain active until your passing. Then and only then will the money go directly to your beneficiaries.
You can withdraw money or even request a loan. These policies may earn interest.
Local
It’s flexible when it comes to the monthly payments. You can change the amount if you find yourself on a tighter budget.
It also has the option to change the insured amount. You will need a medical exam when requesting this change.
What's term life insurance?
It’s coverage for a set period of time, typically from 10 to 30 years. Experts say this is the best option for those looking for more affordable life insurance.
On the flip side, the contract will expire and you might need to start a new one, as the money will be lost.
Remember, this option might be best for you when money is tight and you’d like to be covered during a specific time in your life, like the birth of a child or mortgage.
There are many policies out there trying to get your business so make it a point to sit down and check as many as possible to find your best option.
