So, you want to get life insurance but you’re confused by the options? Start by asking friends and family who their providers are and their experiences. A referral may result in a better rate, if the whole family or an extended network does business there. How old are you? There are providers that specialize in different age groups which can affect your premiums. You may be in a category which requires a provider that accepts pre-existing conditions. The good news is that these days, there is a provider for almost anyone. As you may be aware certain existing health conditions will exclude you from coverage from some providers. Are you a smoker, overweight with a high body mass index, or have a medical diagnosis which will preclude your getting some policies? Fear not, there is a policy for you, keep a notebook of all the ads you see on television and print media that seem to target you to do a thorough follow up when you are ready.
A few terms to familiarize yourself with? Do you want the insurance from a term of 1 to 30 years? This option of temporary’ insurance, called a Term policy will probably come at a lower premium than a lifetime coverage cash payout at the time of death. This permanent’ coverage is known as Cash Value. Some agents have started to offer a hybrid version, ask each prospective provider if they offer a “convertible policy” which may allow you to get the lower rates of a Term policy with the option to convert at a later time to a Cash Value policy.
Although the primary motivation to invest in the expenditure of insurance is to ensure that your loved ones can carry on in the face of your departure, there are additional benefits to yourself. In the event of an emergency of your own, ask the representative if a loan can be taken out and the costs to such a transaction.
Buyers remorse? You may have 10 days within getting the policy to cancel by state law.
Get started on your process soon, here’s one time procrastination will cost you money, as generally your premiums increase with age. Happy Shopping, you should think of this as an opportunity to ensure the continued care of your loved ones in the choices you will make now.