Pandemic Has You Looking Into Life Insurance? You're not the only one.

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Are you looking for peace of mind after the events of 2020? If a global pandemic, economic insecurity, and political uncertainty have you needing to secure a better future for yourself and the people you love, life insurance may be your answer. 

Life insurance is one of the most important tools in your financial toolbox. If you’re at the start of your research, having life insurance is a way to make sure if you die, your family will receive the financial means to support themselves. One new company that launched during the pandemic, Dayforward, simply replaces your annual income until your kids become adults. So, there’s no guessing on how much they’ll need, because your income is already what supports their current standard of living. Needless to say, after the events of 2020, more people than ever are looking into life insurance and Dayforward is worth checking out. 

Because buying life insurance is such an important decision, it can be intimidating. Knowing what to ask before you buy is vital to ensure that you’re getting a policy that’s right for you. According to a recent expertise.com survey from June 2021, of those who bought life insurance during the pandemic, 21% were unsatisfied with their purchase. Before you commit, Dayforward put together 5 questions to ask yourself so you can shop around with confidence: 

1) How much coverage do I actually need? 

To find a number that makes sense for your family’s future, it’s important to look at your finances, and what your goals are down the line. Considering categories like debts, college savings, mortgage payments, and daily expenses can help you find your ideal number. 

Of course, if you want to avoid confusing calculations and huge lump sum amounts altogether, you might want to look into life insurance that replaces your income, so your family can find the exact amount of coverage they need to continue the same standard of living. 

2) Is the current policy I have enough? 

If you already have a life insurance policy through work, don’t assume it provides all the coverage you need. Chances are, a one-fits-all policy probably isn’t the best for you, as many employer-provided plans have raised prices based on coverage for less healthy individuals. Look deeper into it and check! 

3) How long should my policy last? 

Generally speaking, most term life insurance policies last for an amount of 10, 20, or 30 years. You should think about a policy that will protect your family until any dependents are old enough to be financially self-sufficient and will be less burdened if you were to pass away.

4) Does this policy make sense for the long-run? 

Having a flexible policy that can adapt to the changes in your life can be a real benefit. Remember to ask whether any policy you’re considering can be adjusted if you add to your family or experience changes in your standard of living. Dayforward policies are designed to be flexible and can adjust with you after these important life changes. But some companies may require you to go through the application process again to update your policy (which isn’t fun). 

5) Will this fit in my budget? 

Finding a premium that works for your budget is an important factor in enjoying the peace of mind life insurance can bring you. Getting life insurance while you’re young and healthy is generally the best way to get a good rate. 

Plus, modern companies like Dayforward have non-commissioned licensed pros that help work with your budget and needs to find coverage at a price that’s right for you.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.