There’s no “one-size-fits-all” type of life insurance. The kind your parents have, or that your brother-in-law just bought, may not be the best kind for you.
You need to look at your personal needs and current situation, the stage of life you’re at, and what you can afford. (The cost of life insurance can vary based on your age, gender, health, lifestyle and medical history.) And the best solution could even be more than one type.
At this stage of your life, if you’re not still carrying a mortgage or other debt you may be paying more attention to retirement or estate planning.
When should I re-evaluate my coverage?
You’re wise to consider making life insurance a part of your financial plan. But since life keeps changing, it’s important to review your coverage to make sure you always have the protection you and your family need, when you need it. Review your coverage whenever you experience a major life event, or at least every two years.
To develop the right plan to protect your family and your estate, you first need to understand the different kinds of life insurance coverage available and the features and benefits they offer.
Perhaps your needs are simple, and you need just one type of insurance. Or, you may need more than one type if your situation is more complex.
Keep in mind that examining the different types of insurance with an advisor and determining the potential advantages each one holds for you is the best way to determine the level of financial security you need.
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