What to Consider Before Buying Life Insurance

For National Insurance Awareness Day, here’s the lowdown on the types of life insurance out there and what could work for you and your budget.

A man in a suit smiles and shakes hands with the woman across the table from him.
(Image credit: Getty Images)

Determining whether to purchase life insurance is a big decision. There are numerous policies that provide different types of coverage. Some are for a specific period of time, and others are for life. In light of National Insurance Awareness Day, which is June 28, now is the perfect time to assess whether purchasing life insurance is right for you.

Just like any other insurance plan, life insurance requires you to pay premiums in exchange for coverage. These premiums can be paid through a series of payments or all at once, depending on what works best for your budget. However, you’re not required to purchase a life insurance policy, so it’s important to determine whether you can afford it before moving forward.

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Patrick M. Simasko, J.D.
Partner, Simasko Law

Patrick M. Simasko is an elder law attorney and financial adviser at Simasko Law and Simasko Financial, specializing in elder law and wealth preservation. He’s also an Elder Law Professor at Michigan State University School of Law. His self-effacing character, style and ability have garnered him prominence and recognition throughout the metro Detroit area as well as the entire state.