Parle Mag
  • Home
  • Entertainment
  • Diddy Trial
  • Lifestyle
  • Interviews
  • Contact Us
  • Team Parlé
  • Podcast
  • Advertising
Facebook 0 Likes
Twitter 0 Followers
Instagram 0 Followers
Pinterest 0 Followers
LinkedIn 0
Reddit 0 Subscribers
TikTok 0
0
0
0
0
0
Parle Mag
Subscribe
Parle Mag
  • Home
  • Entertainment
    • Books
    • Celebrity
    • Movies
    • Music
    • Sports
    • Television News
  • Diddy Trial
  • Lifestyle
    • Beauty
    • Business
    • Fashion
    • Food
    • Health
    • Op-Ed
    • Politics
    • Relationships
    • Travel
  • Interviews
Featured Categories
black countries
About Parlé
4 Posts
View Posts
Taye Diggs reads a book in an episode of private practice.
About Parle Magazine
4 Posts
View Posts
About the Editor
3 Posts
View Posts
Ad Test
1 Posts
View Posts
Posts
  • the prosecution rests its case 1
    Day 29 of the Diddy Trial: Prosecution Rests Its Case, Diddy Won’t Testify
    • June 24, 2025
  • The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone 2
    The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone
    • June 24, 2025
  • The Best Comfy Footwear to Try This Summer For Men and Women 3
    The Best Comfy Footwear to Try This Summer For Men and Women
    • June 23, 2025
  • the prosecution rests its case

    Day 29 of the Diddy Trial: Prosecution Rests Its Case, Diddy Won’t Testify

    • June 24, 2025
    View Post
  • The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone

    The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone

    • June 24, 2025
    View Post
  • The Best Comfy Footwear to Try This Summer For Men and Women

    The Best Comfy Footwear to Try This Summer For Men and Women

    • June 23, 2025
    View Post
  • Lifestyle
  • Op-Ed

Top Considerations When Buying Life Insurance For Your Family

  • April 12, 2021
  • Team Parle
Total
0
Shares
0
0
0

The truth is death is inevitable. Preparing adequately for that day is possibly the best decision you can make for your family. A life insurance policy is designed to help your loved ones remain financially secure after you are gone.

When it comes to purchasing a life plan to help protect your family, there are several considerations to make. Everything from choosing the right insurer to selecting the right amount of coverage can make the process seem intimidating.

Luckily for you, this article shares six key factors to consider to help you buy a suitable life insurance policy for your family.

Advertisement

Assess your insurance needs

Life insurance needs are different and unique to each policyholder. An assessment exercise can help to determine which kind of cover best suits your family should the inevitable happen.

There are different forms of life insurance plans with each designed to help you protect various aspects of your life. The main ones include term life insurance, Whole of Life insurance, and family income protection.

Term life insurance provides coverage for a fixed duration of time. It also offers a fixed payout that’s only payable should you pass away during the contracted period.

Advertisement

The Whole of Life cover on the other hand, is a bit more expensive as it provides coverage for a longer duration, usually your entire life. Your loved ones are guaranteed a lump sum benefit upon your demise, which they can use towards mortgage payments or other financial obligations.

Finally, family income protection helps to replace lost income by providing monthly payments to your loved ones in the event you depart. With this cover, you decide how much your family should receive and for how long.

Buy insurance when young to save money

Insurance companies determine your premium rate by considering several factors. One of the primary factors is age.

Advertisement

Buying an insurance policy at a young age can help you save a significant amount of money in the long run. With this cover, the ultimate risk is your demise upon which a death benefit will be paid out by the insurer. The reasoning here is that old age comes with a higher risk of death which means your premiums will be relatively cheaper if you secure a policy when younger.

Compare different insurance companies

Insurance providers assess risks based on algorithms that generate different quotes based on the same information. This means you could get a significantly lower premium rate for the same coverage by shopping around.

When looking for a policy that meets the needs of your family, it pays to be flexible. Be on the lookout for any differences in premium rates. Regardless of how small they may seem now, it could make a significant difference in the long run.

Advertisement

Buy from a reputable company

Your insurance policy serves as a financial backup plan for your family when you pass away. This means that in case of any issue, you will not be around to follow it up. As such, research extensively about the insurance company you wish to use to learn more about their experience and reliability.

The idea is to work with a provider that has a good track record. Assess their claim/settlement ratio which is the metric that helps you gauge your family’s chances of getting compensated if a risk occurs.

You should also analyse the quality of the company’s customer care support. Ensure that they have a responsive and efficient team before going into business with them.

Advertisement

Can you afford the premiums?

An insurance policy is only viable if you can afford the premium payments. If for some reason, your payments are late or stop making them entirely, your insurance coverage lapses and your family is no longer protected.

So ask yourself, if your income or business revenue is negatively impacted, would you still manage to pay for the policy at the quoted rate?

Consider using one insurance carrier

If you’re looking for multiple life plans, we highly recommend using one provider for all your needs whenever possible. Bundling several policies with one provider may result in you getting multi-product discounts. This can help you save much in the long run.

Advertisement

Conclusion

Buying a life insurance policy that suits the needs of your family is possibly the best support system you can leave to your family in the event you depart. A plan with the right amount of coverage gives you more peace of mind as you’re sure that your family is financially secure no matter what happens to you.


Readers Might Also Like:

Emotional Support Animal3 Steps to Certifying a Pet as an Emotional Support Animalsocially distanced garden partyHow To Throw A Socially Distanced Garden Partymaking men pay for everythingThe Case For Making Men Pay For Everything

Advertisement

Make Your Home More Energy EfficientSmart Ways To Make Your Home More Energy Efficient


Total
0
Shares
Share 0
Tweet 0
Pin it 0
Related Topics
  • buying life insurance
  • Life Insurance For Your Family
Team Parle

The collective team of Parlé Magazine. Twitter: @parlemag

Previous Article
Want to Become a Doctor
  • Lifestyle
  • Op-Ed

How to Respond to the Interview Question: “Why Do You Want to Become a Doctor?”

  • April 8, 2021
  • Team Parle
View Post
Next Article
Spin Gratis
  • Lifestyle
  • Op-Ed

How Online Casinos Make Money From Spin Gratis

  • April 12, 2021
  • Team Parle
View Post
You May Also Like
The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone
View Post
  • Beauty and Style
  • Lifestyle

The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone

  • Obiorah Precious
  • June 24, 2025
The Best Comfy Footwear to Try This Summer For Men and Women
View Post
  • Fashion
  • Lifestyle

The Best Comfy Footwear to Try This Summer For Men and Women

  • Obiorah Precious
  • June 23, 2025
cé Business Ventures What Happened to House Of Deréon
View Post
  • Beauty and Style
  • Business
  • Celebrity
  • Entertainment News
  • Fashion
  • Lifestyle

Beyoncé Business Ventures: What Happened to House Of Deréon?

  • Ayanna Kelley
  • June 19, 2025
celebrity owned restaurants
View Post
  • Business
  • Celebrity
  • Entertainment News
  • Food & Beverage
  • Lifestyle

Side Quests: Eight Black Celebrity-Owned Restaurants Across The Country

  • Ayanna Kelley
  • June 19, 2025
A Guide to Checking Up On Your Loved Ones With Intention
View Post
  • Lifestyle
  • Relationships

A Guide to Checking Up On Your Loved Ones With Intention

  • Obiorah Precious
  • June 18, 2025
What Health Tests Should Black Men Take Before 40? Here’s A List
View Post
  • Health
  • Lifestyle

What Health Tests Should Black Men Take Before 40? Here’s A List

  • Obiorah Precious
  • June 18, 2025
The Best Long-Lasting Braided Hairstyles for Black Hair
View Post
  • Beauty and Style
  • Fashion
  • Lifestyle

The Best Long-Lasting Braided Hairstyles for Black Hair

  • Obiorah Precious
  • June 17, 2025
Debra Carter HIPHOP 4EVA
View Post
  • Business
  • Lifestyle

Debra Carter Founded HIPHOP 4EVA Is A Movement Promoting The Culture

  • Kevin Benoit
  • June 17, 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts
  • former Homeland Security agent testifies
    Day 28 of the Diddy Trial: Former Homeland Security Agent Testifies, Focuses on Texts, Videos, and Escort Agency Records
    • June 23, 2025
  • former personal assistant testifies
    Day 27 of the Diddy Trial: Former Personal Assistant Testifies, Brings Inside Information
    • June 20, 2025
  • Ashanti net worth
    Over Two Decades of Success: What The Net Worth of Ashanti?
    • June 19, 2025
Categories
Entertainment News
5734 Posts
View Posts
Interviews
860 Posts
View Posts
Lifestyle
2743 Posts
View Posts
Featured Posts
  • the prosecution rests its case 1
    Day 29 of the Diddy Trial: Prosecution Rests Its Case, Diddy Won’t Testify
    • June 24, 2025
  • The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone 2
    The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone
    • June 24, 2025
  • The Best Comfy Footwear to Try This Summer For Men and Women 3
    The Best Comfy Footwear to Try This Summer For Men and Women
    • June 23, 2025
  • former Homeland Security agent testifies 4
    Day 28 of the Diddy Trial: Former Homeland Security Agent Testifies, Focuses on Texts, Videos, and Escort Agency Records
    • June 23, 2025
  • former personal assistant testifies 5
    Day 27 of the Diddy Trial: Former Personal Assistant Testifies, Brings Inside Information
    • June 20, 2025

RSS Parle Mag

  • Day 29 of the Diddy Trial: Prosecution Rests Its Case, Diddy Won’t Testify
  • The Perfect Anti-Aging Serum Secrets for Every Black Skin Tone
  • The Best Comfy Footwear to Try This Summer For Men and Women
  • Day 28 of the Diddy Trial: Former Homeland Security Agent Testifies, Focuses on Texts, Videos, and Escort Agency Records
  • Day 27 of the Diddy Trial: Former Personal Assistant Testifies, Brings Inside Information
Parle Mag
  • About Us
  • Contact Us
  • Team Parlé
  • Podcast
  • Advertising
  • Parle Endeavors
  • Parle New York
  • Privacy Policy
parlemag.com - The Voice of The Culture

Input your search keywords and press Enter.