How to Quickly Find and Buy Life Insurance

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As I approached the age of 30, I knew that I needed to purchase life insurance. My wife continued to remind me that once I passed that age, my premiums would increase. However, I continued to put it off. After all, who enjoys shopping for insurance?

Fortunately, a couple months prior to my birthday, we finally decided to sit down and buy appropriate coverage. While we made the purchase with several weeks to spare, I still felt like I had put us in an awkward position. As if buying life insurance is not challenging enough, being hurried can only add to the stress.

During this time, I realized that there were three keys that allowed us to not only purchase life insurance quickly, but also to make a final decision that we both agreed was correct. Therefore, if you find yourself needing to buy a policy with little time to spare, follow these three tips to get started:

1. Do Plenty of Research
You are not going to learn all you need to know until you speak with agents and obtain quotes – but you may be surprised at just how much advice you can gather online. If both you and your spouse take part in the learning process, you will both be able to come up with a wealth of valuable information. This can only help when buying a policy, especially if you are up against a tight deadline and need to make an informed decision sooner rather than later.

2. Use the Internet
It can be extremely time-consuming to call life insurance agents on the phone. Not only do you have to find the time to call several agents from several companies, but you never know how long the conversation is going to last.

With the help of a few solid online services, we were able to obtain quotes from more than five companies within a matter of minutes. This gave us all the information necessary to compare quotes and make an informed decision. Imagine how long it would have taken to call five agents on the phone. I would have had to give each one the same information, and then waited for them to get back to me with a quote.

3. Be Patient
While it may seem counter-intuitive to be patient when you are in a hurry, it is absolutely necessary. If you make a decision the same day you request quotes, you may look back and wonder why you made such a hasty choice. However, if you patiently compare quotes and rates, you can gain a better understanding of what exactly you are being offered. Remember: There is a big difference between being patient and putting off the entire process.

Final Thoughts
It is best to give yourself plenty of time to purchase the proper life insurance policy. However, if you find yourself rushed, you can rely on the three tips above to get started. With this advice and the right understanding of the industry, you can quickly settle on a policy that offers the protection you need at a price you can afford.

What other tips can you offer for purchasing life insurance?

Should You Save for Retirement or Pay Down Credit Card Debt?

calculating finances familyBack when I was knee-deep in credit card debt, saving for retirement was about the last thing on my list of priorities. It simply made no sense to me to put away money for the future when my debt was costing me so much in interest.

However, once I fully reviewed my situation, I understood that there may be room for both. It ultimately depends upon your situation, and in order to make the right decision, you’ll have to take a good hard look at both your retirement plans and your current credit card debt.

Retirement

  • Have You Started Saving? If you currently have nothing put aside for your golden years, then I would suggest starting a modest retirement portfolio, regardless of  your level of credit card debt. Because of compound interest, the earlier you start, the more your dollars will earn over time.
  • Does Your Employer Match? It is important to review your employer’s 401k plan. If they offer any sort of match, consider investing in this option up to the maximum. This is free money provided to you by your employer, and it just makes good sense to take advantage of it, regardless of the amount of your credit card balances.

Credit Card Debt

  • How Bad Is It? If your current situation is dire, and interest fees are eating away at your checking account, you may want to scale back or temporarily suspend retirement savings. If your situation isn’t quite this bad, continue to pay down your balances while still contributing what you can to retirement.
  • Can It Be Restructured? If your credit card debt is significant, you may want to consider restructuring it. There are numerous balance transfer options where you can reduce your interest rate to 0% for a short period of time. Do your research to see if you can save, and if so, you’ll have to decide where to apply the money you’ve saved: to  your credit card balances, or to your retirement portfolio.
  • Do You Have a Plan? If you currently have no plan to pay down and eventually eliminate credit card debt, it’s time you put one into place. Keep your monthly spending beneath what you earn, and figure out other ways to save in your everyday life. Commit these savings to your credit card debts until they’re under control.

Final Thoughts

You should continue to both pay down your credit card debt and also save for retirement. Where you focus the bulk of your efforts will depend upon your situation. However, you won’t be able to make an intelligent decision unless you truly understand the state of each in your life. Ask yourself the three pertinent questions regarding both credit card debt and retirement, and you’ll gain a clearer understanding of each and be able to decide where you should be applying more money.

What do you think? Should you prioritize getting out of credit card debt or saving for retirement?

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