What to do before getting Life Insurance.

Life insurance is an essential tool for protecting your loved ones and ensuring that they are financially secure in the event of your unexpected death. Here are some key things to consider when getting life insurance:

1. Determine how much coverage you need. The amount of life insurance you need will depend on factors such as your age, income, debts, and number of dependents. You can use an online calculator or consult with an insurance professional to help you determine the appropriate coverage. This is directly proportional to your goal.  What do you like to have in the future?  Do you need a  product for your child education? Or do you need a product for your retirement? 

2. Consider the type of life insurance. There are two main types of life insurance: term and permanent. Term life insurance provides coverage for a specific period of time (e.g. 10, 20, or 30 years), while permanent life insurance provides coverage for your entire life. Term life insurance is typically less expensive, but permanent life insurance can provide additional benefits such as cash value accumulation. Choosing the right life insurance policy is essential to your Financial Success.

3. Shop around for the best policy. It's important to compare quotes from different insurance companies to ensure that you're getting the best policy for your needs at a competitive price. Look for a policy with a reputable insurer that has a strong financial rating.  Consider the best tip I can give you.  You can consider me as your financial advisor. 

4. Review your policy regularly. Your life insurance needs may change over time, so it's important to review your policy regularly (e.g. every few years or when major life events occur such as marriage, birth of a child, or significant changes in income) to ensure that it still meets your needs.  When I was single the life insurance product I need is not the same when I got married then when I had kids.  

5. Be honest in your application. It's important to provide accurate information on your life insurance application, as any misrepresentations could result in your policy being voided or benefits being denied.

In summary, life insurance is an important tool for protecting your loved ones and ensuring their financial security in the event of your unexpected death. It's important to consider factors such as coverage amount, type of policy, insurer reputation, policy reviews, and accurate application information to ensure that you're getting the best policy for your needs.

About the author 

Jack Marbida is a husband to his wife Wene and a father of 2 little boys Isaac and Israel, he is a financial advisor, speaker, and writer who helps families be financially stable and grow their relationships. He works with families to help them reach their goals by teaching them about financial literacy and helping them develop a healthy relationship with money.

He has been featured in Sun Life Financials and others for his work as a financial coach. He is also the founder of Online Advisors Financial Education, which provides free educational content through blogs and videos.

Jack speaks at conferences across the Philippines on topics such as family finances, and personal and professional growth.  

You can contact Jack Marbida through his social media accounts or email him at papajackph@gmail.com.

Cheers!