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Picking the Right Life Insurance Policy: How Well Do You Know Life Insurance?

August 4, 2017 by Eric Rosenberg

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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?

Life Insurance Policy
Image via Pictures of Money / flickr

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.

Life Insurance Policy Quiz

Health IQ: Insurance for the Health-Minded>Quiz>Life Insurance>Picking Life Insurance Policies

Picking the Right Life Insurance Policy: How Well Do You Know Life Insurance?

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Filed Under: Insurance

About Eric Rosenberg

Eric is the founder and editor of Personal Profitability. He left his corporate finance job in 2016 to take his online side hustle full-time and now earns a six-figure online income.

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Comments

  1. Cleo Kirkland says

    August 4, 2017 at 9:58 am

    Nice article, Eric! And thank you for posting. @All, we’d love any feedback you have for the quizzes. We really think Eric is a great author, and look forward to creating more quizzes with him in the future 🙂

  2. Eric Rosenberg says

    August 4, 2017 at 11:23 am

    Thanks Cleo! I’m excited to be working with you at Health IQ!

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