More Bang for Your Buck: Life Insurance

WSVN -- From a horrendous hurricane season to a tragic tidal wave, unexpected events can happen anytime, anywhere.

Life insurance buyer Megan Nocerino: "It was very sudden when my father passed away. It was very sudden and there were a lot of questions that needed to be answered. There was a lot of panic in the family."

After losing her father in an accident just eight months ago, Megan Nocerino learned life insurance can be a lifesaver.

Megan: "Luckily my father did have accidental death life insurance so that really helped my mother out."

Now, protecting herself and her new husband has become a top priority.

Megan: "You need to find that right plan that's right for your situation."

And depending on your situation, you may want to shop around. Most experts recommend buying five to ten times you annual income.

But don't always go with your employer's plan. The premiums are often higher and you usually can't take it with you if you change jobs.

Mary Altman: "It depends on the circumstances of the individual."

Mary Altman of AAA Life Insurance says when it comes to picking a plan there are two basic options.

The first is term insurance.

Mary: "It will provide you with benefit for a specific length of time for a set dollar amount."

Term is usually best for families with a mortgage or young children.

But term is only temporary. When the policy expires, you lose all your money -- unless, you have what's called the return of premium option.

Mary: "Whatever it costs you, it will be returned to you dollar to dollar - no interest charge."

Now, the other choice is whole life insurance.

It provides slightly more protection at a more expensive price.

Mary: "It covers the person for their entire life."

Plus the policy builds cash value so you can withdraw the funds for other purposes.

Mary: "It can be very attractive for some clients."

Megan found a whole insurance plan to be very attractive.

She's learned the hard way you can't put a price tag on peace of mind.

Megan: "Anything can happen at any time. No one is given a lifetime guarantee that you are going to live to be 78.6 years old."

Another common question is whether you should buy life insurance for children.

Most experts actually discourage it saying the money would be better spent on insurance for the parents.

Contact: lgarrigan@wsvn.com