Tips If You’re Buying Life Insurance For The First Time
Life may be like a box of chocolates. But buying life insurance is more like ordering coffee at Starbucks, says Faisa Stafford, CEO and president of Life Happens, an industry-funded nonprofit that educates consumers about insurance. There are so many options that it’s hard to know what to get. “It can be extremely confusing,” she says. In fact, confusion over how much and what type of life insurance to buy is one of the top reasons people give for not having life insurance, according to a survey by Life Happens and LIMRA. But the COVID-19 pandemic has been a wake-up call for many Americans, with almost one in three people (31%) reporting they are more likely to buy a policy because of the pandemic, according to the 2021 Insurance Barometer study. If you’re considering buying life insurance but are confused, these 10 tips will help. Tip No. 1: Assess Your Current Financial Situation You need a true picture of your financial health before you can figure out what type of life insurance yo