Obtaining life insurance is not a pleasant experience, but it is necessary. Keep in mind that it is not for you, but for those you love. Looking at it in that light helps you stay motivated to get it done.
Here are six steps in shopping for life insurance that will hopefully make it less of a chore.
Buy what you need. It is easy to buy too much or too little insurance. You need buy only what you need. The task of finding out how much you need is determined by a thorough review of your circumstances. That is why a good, local insurance agent is much better than those who do not have offices in your area.
Term over whole. The debate between term life insurance and whole life or cash value insurance is settled: term life insurance is the way to go. Paying more via a whole life policy in order to build up cash value is not a wise use of your investment money. You can find much better returns on your money by placing it into conservative municipal bonds and other stocks.
Check Internet quotes. Even though you are better off buying insurance locally, it never hurts to get price quotes from Internet insurance providers. This way, you can compare prices and challenge your local agent for a better deal. After all, it is your money and you deserve the lowest premium you can get.
Get healthy. Before you apply for life insurance, take time to get healthy. If you are not, you will pay a higher amount for your life insurance. Now more than ever your health plays a huge role in the amount of your monthly premiums.
Stay with major providers. There is nothing like staying with the major life insurance providers for stability. Do not compromise your coverage by obtaining insurance from a carrier that may or may not be around long term.
Evaluate life changes. Once you have your life insurance in place, make sure that you perform a checkup every 18 to 24 months in order to make changes to your policies that affect your insurance. Life insurance is not a ‘set and forget’ proposition.
Using these steps, you can find a policy that is right for you and provides for those you love when you are gone. Keep in mind that now is a good time to look for life insurance because rates are very good at this point. Using these steps, you can find a policy that is right for you and provides for those you love when you are gone. Keep in mind that now is a good time to look for life insurance because rates are very good at this point. Using these steps, you can find a policy that is right for you and provides for those you love when you are gone. Keep in mind that now is a good time to look for life insurance because rates are very good at this point.