Like most Americans, you want to make certain that your family is taken care of in the event of your death. But understanding how to give that protection can be confusing and intimidating.
At InsureMe, our goal is help you understand New Mexico life insurance, as well as to streamline your shopping experience. By using our free referral service, we will provide you with up to five free quotes on New Mexico life insurance from agents in your area.
You may not be able to forecast the future—but you can prepare for it. Enter
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The Function of New Mexico Life Insurance
Essentially, your New Mexico life insurance contract states that in exchange for paying the premiums, the insurance company will provide a certain amount of money to your beneficiaries in the event of your death.
These funds provide financial compensation for any lost wages resulting from your death. Your loved ones may use the proceeds from your New Mexico life insurance for necessities such as:
It is for these reasons that a New Mexico life insurance plan be incorporated into your long term strategy for financial security.
When to Consider New Mexico Life Insurance
Generally, you should consider purchasing New Mexico life insurance if you:
By looking at the list above, it would appear that your needs for New Mexico life insurance depend on who counts on you financially. But single folks should not be left out of the mix when it comes to New Mexico life insurance.
If you're single, you may consider New Mexico life insurance if you:
What this shows us is that the need for New Mexico life insurance differs from person to person. Be sure to discuss your needs with an agent before purchasing your policy.
Determining Your Financial Needs
As a general rule, experts recommend purchasing up to 10 times more than your annual salary. In addition to that figure, you will want to account for expenses for which your family will be responsible for in your absence.
Once you have determined the amount needed for expenses, consider any liquid assets you may have, such as cash, savings, pension, Social Security or real estate that your beneficiaries can use to pay for life's necessities.
Subtracting this amount from your expenses will give you a ballpark figure of how much New Mexico life insurance your family needs to maintain their standard of living.
At a Glance: Permanent vs. Term Life Insurance
While permanent and term life insurance are the most common forms of New Mexico life insurance, they have very different features.
Permanent—has higher initial premiums that are invested by your New Mexico life insurance company to build cash value. In addition, permanent life insurance provides lifelong protection and a guaranteed death benefit.
Term—has lower initial premiums that do not build cash value. Term life policies generally last for a term of one or more years and must be renewed at the end of each term for continuing coverage. Furthermore, a death benefit is only paid if you die within the specified term.
It is important that you discuss the different forms of New Mexico life insurance with your agent to ensure that you purchase the right type of policy for you.
More Information on New Mexico Life Insurance
If you have additional questions on New Mexico life insurance, don't hesitate to contact the New Mexico Public Relations Commission at (800) 947-4722.
Prepare for the Future with New Mexico Life Insurance.
You'll rest easier knowing your loved ones are financially taken care of.
Submit your information to the right and find New Mexico life insurance