Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
You want to find the structure that is going to be the most suitable to meet the needs you want to have covered. There's a number of factors that you should think about when buying life insurance including:
1) Why do you need the coverage?
2) How long do you need it?
3) What risk class do you qualify for? (this is one of the MOST critical items when buying insurance because it's what determines the premiums for the coverage you're applying for).
4) Does the policy provide full coverage (payout whether death occurs by illness or injury - if you die by illness and you only have an AD&D policy, then the policy will not pay a death benefit).
5) What is the company's financial rating? - this is a big point when you're looking at permanent coverage.
Work with an experienced independent life insurance agent/broker. Doing the research on your own can be extremely time consuming and you may not always find the information you're looking for. Independent brokers have an extensive knowledge of the subject matter and know the differences between products that are available in the marketplace.
Brokers can help you through the entire process from start to finish. This includes helping you determine how much coverage is suitable to what you need the coverage for and how long you should have it in place for through an insurance needs analysis, provide quotes from multiple carriers and compare the options with you, track the application while it's in underwriting and provide assistance on future needs as well.
If you'd like assistance in buying a life insurance policy, send me a message - my contact information is provided on my profile. I do not charge fees for my input and can walk you through the entire process of securing a policy.
Great question! There are a couple of things that you want to ask yourself before shopping for a policy. Ask yourself: What do I want this policy to do for me - provide burial expenses, transfer wealth to my survivors, provide a potential retirement income, or protect against a major expense like college or a mortgage? How long will I need this coverage? If you want it to last as long as you do, then you would want to look at a whole life policy instead of a term product. If you are looking to cover a short term risk, then a term policy is the better choice. Once you have an idea of what you want the insurance to do for you, figure out what you can afford to spend. Remember that life insurance is like buying a new car. You stop making timely payments, and one day your car is gone. The same thing happens to the money that you have paid into your policy. Find an independent agent, (one not tied to a specific brand) who can help you compare companies, policies, and what they will do for you.If you would like help, please feel free to contact me, I'd be happy to make time for you. Thanks for asking!
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Fortunately there are qualified life insurance agents who can counsel you. If you don’t already have a trusted life insurance agent, get a referral from friends, family or colleagues. This trusted agent should listen to you, offer sound advice and communicate accurately with you and the insurance company. The plan you select is not as important as is the amount of coverage that is in force on the day that you die. Regardless of what you have paid for your coverage, the death benefit will make any active policy a real bargain. Setting limits is the most important decision you must make.
To choose a life insurance policy, you will want to look at:
1) What you want your life insurance to cover (e.g. to raise your children)
2) How long that need will be in effect (e.g to their age 25)
3) What policies are available to cover that need (e.g. 20 year Term)
4) Whether it has guarantees (e.g. will the price and death benefit stay the same for the full 20 years)
5) What features your policy would have (e.g. if you quit paying on it in the future, will it lapse or will you have a reduced paid up policy)
6) Does the cost fit your budget (e.g. paying 20% of your salary for life insurance is probably not something you will be able to keep up)
7) Will it cover death by any reason (e.g. don't get fooled into buying accidental death insurance when you are trying to buy life insurance)
8) Can you qualify for it medically (e.g. if you were recently diagnosed with cancer, you will have much fewer choices than if you have excellent health)
9) Do you want to take an exam (e.g. if you have not been to the doctor and have no idea how your blood test will turn out, you might want to consider No Exam coverage)
10) How is the insurance company rated (see AM Best, S&P. Moody's, or Fitch's for ratings)
Regional Marketing Director, Capital Choice Financial Group,
Before you choose the right life insurance policy you must choose the right agent. The agent should always have your best interest at heart and represent many of the top carriers. Also, the agent should present level term protection as the primary type of insurance as it is the most affordable and gives the client more insurance for less money so the he will be properly covered. Coverage should be adequate to pay for final expense, pay off debt, replace income, and provide college funding for any dependent children. Not hard at all.
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1) Why do you need the coverage?
2) How long do you need it?
3) What risk class do you qualify for? (this is one of the MOST critical items when buying insurance because it's what determines the premiums for the coverage you're applying for).
4) Does the policy provide full coverage (payout whether death occurs by illness or injury - if you die by illness and you only have an AD&D policy, then the policy will not pay a death benefit).
5) What is the company's financial rating? - this is a big point when you're looking at permanent coverage.
Work with an experienced independent life insurance agent/broker. Doing the research on your own can be extremely time consuming and you may not always find the information you're looking for. Independent brokers have an extensive knowledge of the subject matter and know the differences between products that are available in the marketplace.
Brokers can help you through the entire process from start to finish. This includes helping you determine how much coverage is suitable to what you need the coverage for and how long you should have it in place for through an insurance needs analysis, provide quotes from multiple carriers and compare the options with you, track the application while it's in underwriting and provide assistance on future needs as well.
If you'd like assistance in buying a life insurance policy, send me a message - my contact information is provided on my profile. I do not charge fees for my input and can walk you through the entire process of securing a policy.
1) What you want your life insurance to cover (e.g. to raise your children)
2) How long that need will be in effect (e.g to their age 25)
3) What policies are available to cover that need (e.g. 20 year Term)
4) Whether it has guarantees (e.g. will the price and death benefit stay the same for the full 20 years)
5) What features your policy would have (e.g. if you quit paying on it in the future, will it lapse or will you have a reduced paid up policy)
6) Does the cost fit your budget (e.g. paying 20% of your salary for life insurance is probably not something you will be able to keep up)
7) Will it cover death by any reason (e.g. don't get fooled into buying accidental death insurance when you are trying to buy life insurance)
8) Can you qualify for it medically (e.g. if you were recently diagnosed with cancer, you will have much fewer choices than if you have excellent health)
9) Do you want to take an exam (e.g. if you have not been to the doctor and have no idea how your blood test will turn out, you might want to consider No Exam coverage)
10) How is the insurance company rated (see AM Best, S&P. Moody's, or Fitch's for ratings)