Today’s Question: Is life insurance worth the money?
Like many intangible purchases, many people question whether or not life insurance is worth the money. A lot of people question if it is really necessary at all. Determining whether or not life insurance is worth your money depends on your individual needs and lifestyle.
If an individual is single with no dependents, and no current need for life insurance, it’s likely not going to be worth the money (unless you want to leave money to loved ones, of course). However, for someone with dependents, anyone who relies on the individuals income, a mortgage, and/or small children, life insurance is certainly worth the cost.
Life insurance can provide you with a lot of value because what it does is it allows you to protect a big need for pennies on the dollar. What that means is that you are going to be covered and/or your family is going to be covered for a lot of money in the future and you can do so whilst paying relatively small premiums.
Premiums can be paid on a monthly basis or on an annual basis. A good tip to keep in mind is if you can afford to pay annually, do so because you’re going to save a significant amount on your overall life insurance premium.
You are going to want to ensure you work with a broker who works with all the different life insurance companies, knows all the different policies and can shop around to make sure you get the best possible rate for your individual needs.
Have more life insurance questions? We have more answers for you here!
