Step 1: This first section concerns the purpose and length of your life insurance needs.
Now that you know how much life insurance you need, the next question is "What is the most appropriate type of life insurance to buy?" While there are many factors involved in this decision, for most people it comes down to three key issues:
- the duration of your need;
- your personal risk tolerance; and
- how large a premium you're willing to commit.
Step 2: This section concerns the amount you want to pay for life insurance coverage.
Step 3: This final section concerns your attitude about financial risk.
Step 4: Products of Interest
Time horizon, risk tolerance and premium paying preferences are among the many factors that determine which type of life insurance may best suit your personal needs and goals.
Your answers suggest that the following types of life insurance may be appropriate solutions. We have ranked them according to your preferences.
Choosing an appropriate type of life insurance is only one step in the development of working life insurance solutions. Since there are many complex and confusing issues involved, we recommend discussing with a financial representative before you finalize your insurance decision.
If you have personally owned life insurance, click here.
If you have employer provided group life insurance, click here.
For some thoughts on life insurance costs, click here.
NOTE: Discretionary income available to fund ongoing premiums may also determine whether term, cash value, or a combination of both, is the best, or most workable, solution. Term policies are generally convertible to cash value policies, without evidence of insurability, and may offer a short-term solution, until the money is available to convert to a more permanent solution. These are a few of the many ideas that your Principal Financial Group Representative is trained to help you work through.