Pachuta Insurance
  • Home
  • Insurance
    • Personal Insurance
    • Commercial Insurance
    • Church Insurance
    • Companies We Represent
  • FAQs & Tips
    • Home Insurance FAQs
    • Tips For Homeowners
    • Auto Insurance FAQs
    • Tips For Auto Owners
    • Renters Insurance FAQs
  • Customer Service
    • Request a Free Quote
    • Report a Claim
    • Request a Policy Change
    • Request an Auto ID Card
  • About
  • Contact

Too Much Term Life Insurance: Is It Possible?

3/24/2015

0 Comments

 
Can you waste thousands of dollars on a term life insurance policy? One essential element to your financial planning is to choose the best policy to fit your circumstances. However, you want to avoid over insuring. Doing specific things can help to prevent you from paying too much.

First, consider the age of your spouse and children. You have to estimate when your children will have developed their own financial security and no longer need support. For example, when you have children ages 11 and 13, you want a policy that lasts through age 22. You will not need a 20 to 30-year term policy. In addition, you will want to cover your spouse's lost income until the age of retirement. If you are 45 years old and have a 30-year term life insurance policy, that coverage should be sufficient to cover you.

What about permanent policies? Permanent policies normally cost more than term insurance, but the permanent coverage premium will remain the same price no matter how old you are. In contrast, term insurance skyrockets each time you go to renew the policy. To determine the length of time for term insurance, look at how long until your dependents will finish college or can support themselves. Also, how many more years until you have paid for your home?

Before buying a term life insurance policy, examine the immediate expenses like loans, food and mortgage. Also, you should consider the less obvious expenses. If you have debt, then you will want to purchase a term policy that covers:

  • Auto Loans
  • Personal Loans
  • Mortgage and Second Mortgage
  • Credit Card Debt

When calculating the cost of a policy, do your best to take a realistic view of the price. Shopping online, you will find numerous insurance quotes and calculators to paint a picture for price and determine how much coverage will be needed. While these are helpful, they will not give customers the big picture, and it would be best to speak with a licensed agent to determine the costs. You goal should not just be to receive the best rates but also to receive the right amount of coverage.

Call Pachuta Insurance Today @ 706-769-2262
Sources:
Insurance Information Institute
NerdWallet
0 Comments



Leave a Reply.

    RSS Feed

    Pachuta Insurance

    Welcome to our blog!  We hope you enjoy it.

    Pachuta Insurance
    1031 Village Drive
    Suite A
    Watkinsville, GA 30677‎
    ​
    (706) 769-2262
    (888) 769-2262
    (706) 769-2282 (Fax)
    (706) 201-1901 (Mobile)

    Archives

    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    November 2012
    September 2012
    August 2012
    June 2012

    RSS Feed

PACHUTA INSURANCE
1031 Village Drive, Suite A
Watkinsville, Georgia 30677‎
johnny@pachutainsurance.com

​
(706) 769-2262 (Office)
(888) 769-2262 (Toll Free)
(706) 769-2282 (Fax)
(706) 201-1901 (Mobile)
  • Home
  • Insurance
    • Personal Insurance
    • Commercial Insurance
    • Church Insurance
    • Companies We Represent
  • FAQs & Tips
    • Home Insurance FAQs
    • Tips For Homeowners
    • Auto Insurance FAQs
    • Tips For Auto Owners
    • Renters Insurance FAQs
  • Customer Service
    • Request a Free Quote
    • Report a Claim
    • Request a Policy Change
    • Request an Auto ID Card
  • About
  • Contact