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Utah life insurance can be a confusing product, especially if you have never purchased a policy before.
Life insurance pays your survivors money when you die. Meanwhile, you agree to pay monthly premiums in exchange for this "death benefit."
Life insurance serves many purposes, but figuring out what you need and how to get it is half the battle in preparing for your family's future in your absence.
Shopping for Life Insurance
There are several steps to follow when shopping for a Utah life insurance policy.
First, decide how much you need, for how long and what you can afford to pay. This can be done by examining your marital status, family size, number of dependents and income.
Many experts say your family needs about 75 percent of your income in Utah life insurance in order to survive without you. This may or may not be true in your situation.
In order to more accurately predict how much life insurance you should purchase, look at the financial resources your dependents would have if you died now, and what they would need to maintain their current standard of living.
Take all assets and income into consideration, including savings, investments, personal property and any real estate owned. Then, consider your family's cost of living, educational costs, and any other potential financial needs.
With these considerations in mind, closely examine your budget and living expenses to determine a comfortable monthly Utah life insurance premium.
Next, find out what kinds of policies are available, and pick the type of Utah life insurance most suited to your family's needs. What you need depends on your primary goal (see section below).
Finally, talk to several Utah life insurance providers to find the best combination of benefits and price. Let each insurer know you are comparing policies and prices up front to ensure you get their best initial quote.
Your Life Insurance Options
There are three categories of Utah life insurance from which you may choose, depending on the primary goal you set for your family. These include:
If you are looking mostly for immediate protection, you might want to consider term life insurance, which offers only a death benefit for a specified period of time, such as 10 or 20 years.
This limited term of protection means you can typically purchase substantial Utah life insurance coverage at an affordable price. Term life insurance does not build cash value, but pays your beneficiaries when you die during the insured term.
If long-term savings is your goal, a cash-value Utah life insurance policy may be your best bet. With this type of insurance, your survivors receive a payment upon your death based on the cash value of the plan, which builds over time. Premiums are higher but, because the insurance company reinvests your premium payments, your family may also borrow against its cash value, or use it as retirement income, with no added taxes or penalties.
Your Utah life insurance policy may also be used as an estate-planning tool, especially if your goal is to preserve wealth for future generations. Survivorship life insurance is a good way to achieve this objective.
This type of policy covers yourself and your spouse or other designated person, and pays your beneficiaries when the second insured individual dies. This generates cash, typically used to help your heirs pay estate taxes.
As you can see, each type of Utah life insurance coverage has its benefits and drawbacks. So determine your goal for your family before deciding which type to buy. Then you can proceed, knowing you've done your very best to provide for your family's needs while you can.
Getting the Best Value for Your Money
These common-sense tips will help you find the best Utah life insurance policy at the most affordable price:
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