One of the most significant choices you will make is about the financial future of your family; Charlotte Hayes is here to help you negotiate the complex array of life insurance choices. Understanding the variances in plans ranging from term life to whole life will enable you to select the ideal safety net for your loved ones.
For young couples, Charlotte says, term life insurance—which offers coverage for a designated period—usually is the most reasonably priced choice. If the unanticipated happens, it’s perfect for financing big costs as mortgages or college tuition. Conversely, whole life insurance provides protection as well as a long-term investment vehicle with lifetime coverage combined with a cash value component.
Charlotte emphasizes in choosing an insurance the need of computing the correct coverage amount. Though debt, future school expenses, and your spouse’s earning potential should also be taken into account, a usual rule of thumb is 10 to 12 times your yearly salary. For a customized evaluation, she advises using internet calculators or a financial counselor.
The financial situation of the insurer is also rather important. To be sure the business will be able to pay claims as needed, Charlotte advises looking at ratings from firms such as A.M. Best or Standard & Poor’s.
For families with unique circumstances—such as a mixed family or a child with disabilities—Charlotte recommends looking at riders like guaranteed insurability or spousal coverage to help you specifically fit the policy.
Following Charlotte Hayes’ professional advise will help you to relax knowing that your family will be safe regardless of the future. Life insurance is about gifting your loved ones protection, not only about getting ready for the worst.
