When Buying Life Insurance It Is Smart To ...


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:

  • Determine what goals you want your life insurance to accomplish
  • Set a budget for how much you can afford to pay for life insurance
  • Decide how long you need life insurance 
  • Figure out how much life insurance you need
  • Choose the right life insurance to meet your needs
  • Shop and compare life insurance rates and policies from multiple insurers

  

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

PricingCompare life insurance pricing among several leading insurers

 

Additional Considerations:


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

 

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

 

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.

 


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