My insurance agent recently suggested that I get a term policy. What are some things I should think about before moving forward?
There are many considerations you should have before taking the next step. First of all, why do you need the coverage? You should probably consider term insurance if you need to cover a more temporary need, like a mortgage. Perhaps you would like to maximize the coverage you are receiving for the best price.
If you don’t have a lot of money to spend on insurance, then term insurance could be right for you. If you are expecting to receive an increase in your income or assets in the near future, maybe term insurance wouldn’t be the right option for you. Take these things into consideration and think about how your current situation would be a match for term insurance.