it’s been trial and challenge the past couple weeks as life as we know it has changed again. I wish I could say it’s been for the best but this time I can’t say that. What I will say is baby steps and I’m not going to give up no, matter what.
Davd and I’ve watched his dad’s health becoming worse as the Dementia takes over. Granny Sherry’s health is failing and now she has fallen and broken her legs. Watching them try and figure out how to pay their bills with the little bit of income they do have has me stressed and worried about David’s and my finances once David retires.
To make things worse David and I do not have insurance of any kind. I’ve decided I will look into term life insurance cost and figure out what is is and how much if cost to see if we can budget it next year. At least for David with his heart condition.
5 facts to look into when looking for term life insurance:
When shopping for term life insurance, focus on coverage amount, policy length, insurer reliability, cost comparisons, and alignment with your long-term financial goals.
📝 5 Essential Tips for Buying Term Life Insurance
- Determine the Right Coverage Amount
- Experts often recommend coverage equal to 10x your annual income to ensure your family can maintain their lifestyle if something happens to you. Lordy, lordy could I even afford that much coverage is the question I’m struggling with.
- Factor in debts (like mortgage), children’s education, and ongoing living expenses.
- Choose the Appropriate Term Length
- Match the policy term to your financial obligations.
- For example:
- 20–30 years if you have young children or a long mortgage.
- 10–15 years if you’re closer to retirement and mainly need short-term protection. But would this even cover everything I need because I’m 60 and y dad lived until he was 80? Or should we do the 20-30 years to make sure we have enough coverage?
- Compare Quotes from Multiple Insurers
- Prices vary widely, so shopping around is critical.
- Use independent brokers or online platforms to compare rates across several highly rated companies.
- Don’t just look at premiums—check customer service reputation and claims history. Talk to friends and family and see who they use and what they think of them.
- Check the Insurer’s Financial Strength
- A policy is only as good as the company backing it.
- Look for insurers with strong ratings from agencies like A.M. Best, Moody’s, or Standard & Poor’s. A #teachingmoment for our family.
- This ensures they’ll be able to pay out claims decades down the line.
- Align Coverage with Long-Term Financial Goals
- Think beyond immediate needs: consider retirement savings, college funding, and debt payoff plans. We all know Charlie isn’t going to College but there will be a Wedding in his future and if were not here I still want to make sure it’s taken care of.
- Term life insurance should complement your broader financial strategy, not just cover today’s expenses.
Buying term life insurance isn’t just about finding the cheapest premium—it’s about matching the right coverage and term to your family’s needs, ensuring the insurer is reliable, and integrating the policy into your overall financial plan.
Now, you all know why I’m trying to take my health back and get into exercising and losing the excess weight, but David and I have.
Here is a fun way to walking inside the house I found I will be using. Then I’ve found a recipe for Granola Bars for Breakfast when walking.
Thank you,
Glenda, Charlie and David Cates
Would you like me to also break down common mistakes people make when buying term life insurance so you can avoid them?
