Are you shopping for a new life insurance policy?
If so, there are some important things for you to consider before making your choice of policy, coverage amount and carrier.
So, what is it smart to do when buying a life insurance plan?
When buying life insurance it is smart to do the following:
Here are Helpful Resources to Assist You in Buying Life Insurance:
Types – Learn about the basic types of life insurance
Glossary – Learn about important life insurance terms to know
Duration of Coverage – Determine how long you need life insurance
Calculate Your Needs – Determine how much life insurance you need
Pricing – Compare life insurance pricing among several leading insurers
Beneficiary – Decide who will be the beneficiary of your life insurance.
Learn about beneficiaries of a life insurance policy.
Ownership – Name yourself as owner of the policy so you retain rights of determining who is beneficiary and who can make any changes to the life insurance policy
Learn more about out who should own a life insurance policy.
Spouse/Partner Life Insurance – Decide if you need life insurance on your partner or spouse.
Learn about life insurance for your spouse.
Payment Options – Consider setting up automatic payment of your policy premiums from your savings or checking account so you do not miss paying your premiums on time.
Financial Strength Ratings – Learn about the importance of financial ratings of insurers and how they are determined.
Learn about AM Best insurance ratings.
Things to Do After Buying Your Life Insurance:
Security of Policy – Select a safe place you will keep your life insurance policy. Many people choose to keep their policy in a Safe or Safety Deposit Box.
Beneficiary – Once you have purchased your policy make sure you write out instructions for your beneficiary on what to do to make a claim on the policy if you pass away. Also, let your beneficiary know you do own life insurance and they are named beneficiary.
NOTE: The insurance company will not pay out a claim on your policy until they are notified by your beneficiary of your passing, and the proper paperwork has been completed and sent the insurance carrier.
Compare Life Insurance Prices
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Life Insurance Resources
Life Insurance Glossary of Terms – Review important life insurance terms.
Life Insurance Needs Calculator – Figure out how much coverage you need.
Types of Life Insurance Explained – Learn about term life versus permanent life insurance.
List of Life Insurance Carriers – Top 10 best life insurance companies.