Choosing the best life insurance policy is key to your family's long-term financial stability. While we all know that life insurance is important, it can be tough to pick the best policy for your needs while keeping costs low. I recently teamed up with the amazing people at Health I.Q. to put together this life insurance policy quiz. Follow along to test your life insurance IQ and find if you know what you need to pick the best life insurance policy.
Why Worry About a Life Insurance Policy?
A few years ago, I signed up for a $1 million life insurance policy. I was young, healthy, and planning to have a family. That is the perfect time to get life insurance! The cost of a life insurance policy goes up as you age, and odds are that age will lead to being less healthy, not more healthy. That is why it is important for young people to lock in a low life insurance rate, even if you don't need life insurance just yet. While some may say I'm wasting money every month on life insurance, I look at is as a very important protection for my family.
I am the primary income earner for my family and have a wonderful wife, daughter, baby on the way, and two dogs who rely on me. If something happened and I were no longer here, how long could my family make it with current savings? They would be able to survive at least six months with no issues, but what after that? That's where life insurance comes in. With a $1 million payout, my family can easily cover the mortgage, living expenses, and maintain the same standard of living for a very long time without any income.
Of course, I would rather be here with my family than see them collect that $1 million payout, but I can rest easy knowing my family is projected by a high quality life insurance policy.