A Guide for First-Time Life Insurance Buyers

​There is so much life insurance offered out there; there are so many to the point that buying life insurance can be too confusing. Confusion as to what type of life insurance to get and how much to spend for it are the main reasons why people do not even dare to get life insurance. With the current pandemic, people are starting to see how important it is to acquire life insurance.

5 Tips for Buying Life Insurance
We all want to be informed to minimize our fears and confusion regarding life insurance. And so, if you're going to get a clear picture of life insurance and you're considering buying life insurance but are confused, here are five tips to help you out.

1. What is Your Current Financial Situation
   You need to assess the baseline picture of your current financial situation. You have to consider your dependents, emergency fund, retirement savings, and life insurance coverage through work.
   
   
2. Determine How Much Coverage You Need
   Avoid underestimating how much life insurance coverage you would need in the future. For example, you only considered the need to pay off a significant debt, and then as time went by, you found yourself needing some financial help for tuition fees or electricity bills. 
   
   Unfortunately, you did not think about this beforehand, and you would then find yourself in a difficult financial situation. We suggest getting a policy with a death benefit equal to 10 times your annual salary for this one.
   
   
3. Differentiate Term Life and Permanent Life Insurance
   A term life policy will only provide coverage for a certain period, for example, for 10 or 20 years. It is relatively more affordable than permanent life insurance. Permanent life insurance from the name itself would provide lifelong coverage, which is why it's more expensive than term life insurance.
   
   It's also more costly because it builds cash value. Choosing a term or permanent policy at the end of the day still depends on your needs and financial goals.
   
   
4. Know What Affects Your Life Insurance Rate
   Your current age and health would be the main factors to determine the rate you pay for coverage. The younger and healthier you are when you buy life insurance, the cheaper it tends to be because you are less risky to insure.
   
   
5. Search for the Best Rate
   Because there are various rates, take your time to go through several companies. And of course, you coil always ask for help from independent insurance agents who work with several insurance companies.

Conclusion
We all want to be secured primarily in times of uncertainty such as this pandemic, and purchasing life insurance does just that. With the vast life insurances being offered in the market, it can be a jungle of confusion for clients, but with the five tips listed above, we're sure you'll soon be able to pick the right life insurance for you.

At Roper Insurance Services, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (828) 697-6709 or Click Here to request a free quote.