Many people set a retirement age goal, a savings goal, or a net worth goal. It is also possible to set a life insurance goal. What is a life insurance goal, and how can it be useful?
A life insurance goal is an amount of life insurance you would like to ultimately obtain. You may not achieve it as a young married couple, but it is worth building toward. Here’s how you begin:
Start by determining how much life insurance you would like to have in a perfect world. Include everything, such as final expenses, debts, a mortgage, money for your family to live on, and perhaps even college expenses. This could be a sizable amount.
Contact one of our independent life insurance agents for a price quote on both permanent (whole life) and term insurance. If the premium turns out to be a bit more than you can afford right now, purchase it in chunks.
For example, your overall goal may be a million dollars in coverage. Buy what you can afford right now. It may be $250,000 to $500,000, but it is important to get started. The reason? Life insurance is generally less expensive when you are younger, and in good health. You may not be able to buy the entire building but building the foundation can be important. Eventually as your income improves, you can add more coverage as you go.
Some view life insurance as an all-or-nothing proposition. Quite frankly, it is far better to have some life insurance than none. Our agents have access to a variety of life insurance products that can help you meet your goals while being budget friendly.
If you need help getting started, contact one of our independent life insurance agents. They can shop our network of companies to find some of your best options. The choice from where you go from there is up to you. This is no-cost and no-obligation. Set your life insurance goal and start working towards it today. Our agents look forward to assisting you.