Assemble your personal financial information and review your family’s needs before deciding on life insurance coverage. There are a number of factors to consider:
- Immediate needs at the time of death, such as illness expenses, burial costs and taxes
- Funds for a readjustment period, to finance a move or to provide time for family members to find a job
- Ongoing financial needs, such as monthly bills and expenses
Many life insurance companies issue non-medical life insurance, which requires you to answer a series of questions. However, the company may require you to take a physical examination if you exhibit seriously impaired health or terminal illness, or if you request a large amount of coverage.
During your working years, you are more likely to become disabled than to be fatally injured. So depending on your personal circumstances, an excellent way to protect your family is to acquire disability insurance. Most disability insurance plans are flexible, and you can buy coverage for a variety of illnesses or injuries, or exclude specific injuries.
Within certain guidelines, two participants is the minimum number required to set up a group health policy.