Now is the Time to Buy Life Insurance
Although the subject of life insurance doesn’t exactly scream “holiday cheer,” quality time spent with family during the holiday season is a great reminder of why this coverage is critical.
Life insurance isn’t about your life really; it’s about ensuring that your family’s lives are as comfortable as possible should something happen to you. Will your family be able to pay the bills without your income? On their worst day, will they be able to grieve in peace, or will they be worried about losing their home? With life insurance, you can know the answer to these tough questions. With adequate life insurance coverage, they will be OK, financially. That peace of mind is a great gift for you and for your loved ones.
In many ways, life insurance has become more convenient to buy. In the past, it was common for applicants to have to undergo an electrocardiogram (EKG), a blood draw and/or a urine sample, all of which can be inconvenient or uncomfortable. Nearly 60 percent of the life policies currently written through AAA Life Insurance Co. don’t require any kind of in-person medical check. Instead, health records are accessed and reviewed electronically. In addition, there are new products to choose from, including life insurance policies that return your paid premiums if you outlive the need for your policy.
If you already have life insurance, this is also a good time to review your current coverage. As life circumstances change, so do life-insurance needs. One tip to keep in mind: Don’t rely only on the coverage provided by your employer. Although it is a generous benefit, this amount of life insurance is generally insufficient. Financial planners often recommend purchasing life insurance coverage that is equal to seven to 10 times your annual salary.
Think about life insurance this holiday season; even if this gift isn’t as exciting as a new snowboard or gaming console, it could be one of the most important purchases you ever make.
–Written by Michael Riley, Director of sales of AAA Washington Insurance Agency, has more than 25 years of experience in the insurance industry and is a guest lecturer at Washington State University.