When it comes to life insurance, it is essential to consider whether both spouses need coverage or not. Kelan and Brittany Kline, financial bloggers known as The Savvy Couple, purchased life insurance coverage from Haven Life to ensure their long-term financial security. They took out $500,000, 20-year term life insurance policies on each partner to guarantee their financial stability in case of any mishap.
It is crucial to determine how much life insurance coverage both partners need. An online life insurance calculator can help you to estimate the amount of coverage you and your spouse might need. The coverage amount should consider the day-to-day living costs, such as mortgage payments and childcare costs, and long-term financial goals, such as college fees for children.
Term life insurance policies offer coverage for a specific period, ranging from 10 to 30 years. The term length should be based on the period the family needs financial protection, such as matching a 30-year term policy to a 30-year mortgage or taking out a 20-year policy to cover the children until they grow up. Medically underwritten term life insurance policies are affordable and personalized, considering the age, lifestyle choices, personal, and family health history of the insured.
It is crucial to note that the medical exam is a vital part of the application process for life insurance policies. Some policies, such as simplified issue policies, do not require a medical exam but may have higher monthly premiums. However, the medical exam is a simple process that takes about 20 to 30 minutes and can be conducted at the home, workplace, or exam office of the insured.
Life insurance is a valuable solution to ensure a financial legacy for loved ones, regardless of the current savings accounts. It is vital for each person in a marriage or partnership to feel financially protected and secure. A conversation about the financial impact of loss is necessary to determine the coverage amount required for both spouses.
|Questions to consider when evaluating life insurance policies:|
|Do both spouses need coverage?|
|How much coverage do both spouses need?|
|What term length is most suitable for the family’s needs?|
|What type of term life insurance policy is affordable and personalized?|
|Does the policy require a medical exam, and what are the alternatives?|