Are you or a family member looking to learn more about getting a life insurance plan in 2020? You’re in the right place.
We at Benzinga believe it’s important to be pragmatic when it comes to finding ways to make your money work for you.
Before exploring if getting a life insurance plan is right for you, put your knowledge of life insurance to the test with our quiz below!
Afterward, our Benzinga life insurance experts will give you more information on how different types of life insurance work and help you decide what type of life insurance makes sense for you in 2020.
True or False: In order to be eligible for life insurance, your coverage must be greater than or equal to 10 times your annual income.
(False.) No one policy fits everyone’s needs! Our Benzinga life insurance experts recommend you seek life insurance coverage that would be the equivalent of five to 10 times your annual income. This level of life insurance coverage can provide your loved ones with sufficient financial peace of mind should something happen to you.
True or False: Your monthly life insurance premiums are returned to you, should you outlive the length of your term life insurance policy.
(False.) Traditional term life insurance policies offer coverage for a fixed term, like 10 or 20 years. Should you outlive your term policy, you’re unable to recoup monthly premiums paid. There are term plans that are an exception to this rule, but expect to pay much higher premiums knowing you’ll recoup premiums paid at the end of your term.
True or False: Getting a medical exam is a required prerequisite to get a life insurance policy.
(False.) There are several life insurance plans available that do not require you to receive a medical exam prior to receiving your personalized life insurance policy. In fact, some companies rely on data, rather than feedback that comes from your medical exam. Check out the best no medical exam life insurance for 2020 today.
Should I Get Life Insurance In 2020?
Now that you’ve learned more about how life insurance works in 2020, our Benzinga life insurance experts want you to be aware of the costs associated with obtaining a life insurance policy. Most policies require a monthly premium in order to receive and continue coverage. Therefore, it’s important to be mindful of the additional burden a required monthly premium payment may have on your financial situation.
A good first step in budgeting for life insurance is to take stock of your current stage in life and assess the added financial burden obtaining a policy might have.
Ready to learn more? Check out our complete life insurance guide to help you decide if getting a plan is right for you and your family.
Are you or a loved one looking for a very affordable life insurance plan? Check out Benzinga's top picks for the best cheap life insurance plans for 2020.
Our top picks include the best plan that doesn’t require a medical exam, best plan for seniors and best for term life insurance.
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