Have you put off buying life insurance? Perhaps you didn't want to think about the need for it or why it could help to save your family a great financial loss if you could no longer be there to meet their needs. In some cases, individuals put off getting this type of insurance because, quite frankly, it can be hard to navigate. The decisions can be overwhelming. Nevertheless, many people, especially those who are earning a wage that helps to meet the needs of another person, need to have adequate life insurance in place. Before you buy a policy, consider these factors.

1. Compare Types of Life Insurance Carefully

There are numerous types of life insurance available. Term life, whole life, joint life and universal life insurance are a few of your options. Instead of looking at their names, consider what you want from the policy:

• Do you want a policy in place for a period of time until your debts are paid off or you are in retirement? Term life insurance could be ideal.

• Do you want a policy that you pay for throughout your entire life that will likely pay for your final expenses and may even meet your estate plan goals? Consider whole life insurance policies.

• Do you want to borrow from your policy? Universal life insurance with a cash value can help.

Discuss the features of the life insurance plan you need with your agent before you buy a policy to ensure you get the coverage you desire.

2. How to Minimize Costs

The most surefire way to get the lowest price on life insurance is to buy it now. The older you get, the higher the risk factors are for health ailments and the more at risk your family becomes. Purchasing life insurance at a young age can help you to save significantly.

3. How Much Coverage You’ll Need

This can be a difficult factor to determine. A good idea is to consider what you want this policy to offer. For example, if you were to pass away in the near future, you’d want the policy to cover your family's mortgage and any debts you have, while providing for your family's needs over a period of time. Would you want the policy to meet your family’s needs for a year, five years or longer?

4. Learn What Is and What Is Not Covered

Like most insurance plans, life insurance has some exclusions. Read the plan carefully to understand what may or may not be a part of it. Suicide, military deaths and other types of deaths are often not covered.

Make the decision about life insurance that’s right for you. Think of this as a way to protect your family and modify your decision based on your family's needs.

Do you have the right coverage? Call Anthony Mercado Agency, LLC at (610) 530-2001 for more information on life insurance.