According to the insurance research firm LIMRA, life insurance ownership is at its lowest point in over 50 years. This is a crazy statistic considering that approximately 44% of those who took part in the survey said they don't have enough money to pay for expenses if their loved one were to pass away suddenly.
This study also reported that around 30% of households do not have life insurance at all. There are many different types of insurance out there, and life insurance always seems to be the one that is skipped.
One major task I have failed at since leaving my day job in 2013 is finding life insurance. When I had my day job, I had a small amount of life insurance provided and paid for by my employer. Nothing crazy, but I never looked any further into it at that time.
Now that I work for myself, I have no life insurance and that is something I would like to change, especially since we plan on having children in the next few years.
Even though finding life insurance is something I think about a decent amount, I actually haven't done anything to start this process.
When does a person need life insurance?
Okay, not everyone needs life insurance. However, most do.
If you are single, have no debt, and no one depends on you, then you probably don't need life insurance.
But, just because you are single doesn't mean you don't need it. If you have debt and have co-signers on your debt, then you should absolutely have life insurance. This is because if something were to happen to you, you don't want your co-signer (it could be your parents, siblings, etc.) to have to be stuck paying your debt because you didn't think of a plan.
I recently read a true story about a young adult who did not have life insurance. They passed away suddenly and left their student loan debt behind to their parents, who were her co-signers. They were left with monthly payments on her student loans of nearly $2,000 a month…
Also, if someone depends on you, such as a spouse, elderly parents, or children, then you definitely want life insurance as well. You want your loved ones to be taken care of if something were to happen to you, correct?
What do I need to do to find the right life insurance for me and my family?
The other day, I heard about a company called Quotacy. They have a great looking website, so I won't lie, that helped draw me in.
The website is really easy to use. All you do is click on over to “Get Started” on their website. Then, they ask for a little bit of information (such as your zip code, gender, etc.) and then you press “View Your Quote.”
They have easy to use sliders where you can adjust the duration of your coverage and the policy value so that you can try to find a monthly premium that works best for you.
After that, they ask some routine medical questions and then policies from various companies pop up on your screen. This is so that you can find different life insurance policies and how much your monthly premium varies from company to company so that you can find your best price.
Quotacy will take a second look at your online submission, and shop the market one more time to ensure you’re getting the best price. If they find a better one based on your unique lifestyle or health characteristics, they will communicate this with you, and let you decide which company to apply for. The insurance company you select will then review your application, and make the final approval before it goes into affect and Quotacy will keep you informed every step of the way.
Some of the great things about this website include:
- Quotacy doesn't require you to log in or register in order to see estimated pricing.
- Everything is VERY easy to understand.
- It's very quick to use and you can get an estimated quote in one minute.
- They have an awesome blog that can help you understand life insurance better.
Do you have life insurance? Why or why not?
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