Life insurance fair recommendations: Don’t get confused with other insurances. Other insurance is linked to your life, but is not really the same as true life insurance. Mortgage decreasing term insurance, for instance, is designed to pay off your mortgage, but won’t leave your family with any extra. Know what you’re buying.

Don’t Volunteer Unnecessary Information. If the life insurance company doesn’t ask for particular information about your health, family history, or lifestyle choices then don’t tell them about it and you won’t be penalized. Don’t volunteer any information which they don’t ask about! For example, almost every life insurance company will penalize you if either of your parents ever had cancer. There is at least one carrier that only asks if any members of your immediate family ever had heart disease on their application. In other words, if your father died of cancer, you can simply answer “no” and you won’t be hiding anything! Don’t add a note next to it saying “but my father died of cancer.”

Life insurance is simple enough: You pay a premium and your heirs receive a lump-sum benefit after you’re gone. Whole life insurance remains in effect for life — provided you pay the premiums — and has an investment component. Term life insurance, which is more affordable, covers you for a certain period of time, such as 10 or 20 years. Deciding whether you need life insurance might seem like a consideration separate from the rest of your financial plan, but actually it ties into many other financial decisions. We asked Brian McCann, a financial advisor in San Jose, California, what else millennials should know when it comes to life insurance. Find additional info on Life Insurance Comparison Pennsylvania.

If you have children or other loved ones who depend on the money you earn, you need life insurance. Its primary purpose is to protect your income. Life insurance helps your dependents keep on living as they would if you were still earning a paycheck. Life insurance helps replace your paycheck if you aren’t there to earn it. If you’re looking for a reasonable estimate on the amount of life insurance you should buy, start by multiplying 60% of your annual income times the number of years to retirement. This takes your salary, assumes some normal raises over time, and adds the value of your employee benefits, like healthcare. Then subtract the effect of taxes, and what it costs your family to have you around.

First, a large majority of insurance sites are actually lead generators—meaning they’ll capture your information (like a request for a quote) and sell that to multiple insurance brokers/agents who’ll try to sell you. We don’t do that. If you want insurance, our site will both give you an instant quote and allow you to get covered on your own and if you need any help, we will work with you personally. Find more details at https://www.terms4less.com/.