3 Ways You’re Making Life Insurance Too Complicated

Shopping for life insurance can get quickly get overwhelming. There are hundreds of companies to choose from, types of insurance you may not have heard of, and lots of instant quotes at your fingertips. If you’ve falling into the paralysis of choice and are ready to make a snap decision or walk away, step back and ask yourself if you’re making this process harder than it needs to be. Here are some tips to help you identify if that’s what you’re doing.

You’re Overthinking How Much Coverage You Need

If you’re like many people then you’re probably struggling to figure out how much life insurance you really need. Start with final expense insurance, which would cover your funeral. As of 2016, the average cost of a funeral was $7,000, and final expense insurance will ensure that your family doesn’t have to bear that financial burden.

Then you’ll need to take into consideration how many people depend on the paycheck you bring home every month. Would your family be able to get by financially in your absence? It’s a tough conversation, but sit down with your partner and talk about how many years of income you think you should both be insured for. Once you have a solid number in mind, you can further narrow down your choices and stop overthinking the amount.


Thinking You Can Only Choose One

Getting life insurance isn’t something to be taken lightly, but it’s also not something you should stress about. For example, if you know you need life insurance now, but can’t afford a more expensive whole life insurance plan, you can get a term life insurance plan. Then another whole life insurance plan when you are either making more money or need to be insured for more money.

When it comes to life insurance, it isn’t an either-or situation, and plenty of people have more than one policy. If you still have questions, get in contact with a financial professional who can help you narrow down your options. You want to make sure your loved ones have an amount of protection that you feel comfortable with.


You’re Avoiding It

A quick way to over complicate something is to put it off completely. The longer you avoid getting life insurance, the longer it lingers on your “to do” list. Before you know it, shopping for life insurance has become as tedious as doing your taxes.

If you’re procrastinating, stop and ask yourself what your family would do if tragedy struck tomorrow. It’s a tough idea to face, but doing so will help motivate you to look at your options and get protection sooner than later.

Disclosure: The information provided by The Financial Genie is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. The Financial Genie does not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. Additionally, some of the organizations with products on our site may pay us a referral fee or affiliate commission when you click to apply for those products.

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