When we first sit down and seriously consider buying life insurance for the first time we all have so many questions going around in out head; what policy is best? who should I take it out with? when is the best time to buy? It is without doubt a slightly daunting task but it is something that is essential for everyone, especially those with partners and children. If you want a great online resource about this topic then visit Suncorp life insurance, the site is user friendly and will be able to fill you in on everything you need to know.
People often look at life insurance and wonder whether they are earning enough money to be able to afford it, my advice is that we no one can afford to be without it. You do not have to spend a fortune at first, you can always start with a small package at a low rate and slowly increase it as your income increases. The best time to purchase life insurance is when you are young, even if you do not have a huge amount of funds, the reason for this is that the younger you are when you purchase life insurance the less it is going to cost you.
Here are 3 tops tips to help you when making the first purchase of life insurance:
Understand exactly why you need to buy it
Nearly everyone will need to have life insurance at some stage of their life, but don’t just make the purchase because you heard from a friend that it is a good idea. The idea of life insurance is to give financial security to families in the unfortunate event that a partner or parent dies.
Work out the level of coverage you require
You need to see how much your family will receive in the event that you pass away, this is called a death benefit. The easiest way to do this is to use one of the many online calculators for life insurance. You need to have peace of mind that the amount your loved ones will receive will be enough for them to live comfortably.
Choose the right policy for you
Once you have worked how much cover you need it is time the think about the best policy and one that suits your needs. There are two options at this stage; Whole life insurance or Term Life insurance. Both have their pros and cons so make sure you do your research before committing.