Some things to consider when buying life insurance are:
1) The guarantees. If you are buying term insurance, you should make sure the premium is guaranteed not to go up for that number of years. If universal life, get a policy guaranteed not to lapse before at least age 100 if you want the policy to last for the rest of your life. You also need to look at the guaranteed interest rate in both whole and universal life.
2) The company rating.
3) What type of life insurance to get. If you want to use it for cash value or have a permanent need, you need universal life or whole life. If you are looking for inexpensive coverage for a temporary need, term insurance fits the bill.
4) Whether you want to pay it over a limited period of time, or for the duration of the policy. Only permanent policies give you the option to pay one lump sum, or a premium for several years and have a paid up policy.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The most important consideration is the agent with whom you chose to deal. That agent should listen to you, make sound financial recommendations, and communicate clearly with you and the insurance company. Setting the appropriate limits and developing a mix of life insurance policies is absolutely critical. You could have an A+ rated company providing all the guarantees known to man but if the limits are wrong those you love will suffer. That is, after all, the purpose of life insurance.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
This is a question I wish more people would ask! First you want to be reasonably certain that the insurer will be around and be able to pay the claim if and when a claim is made. So choosing a provider that has a good long track record and that is in good financial condition should be important.
Then you need to consider what your needs and goals are for the insurance. A good insurance adviser can help you to determine your needs and discover what your goals are that a correctly designed life insurance policy can satisfy.
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1) The guarantees. If you are buying term insurance, you should make sure the premium is guaranteed not to go up for that number of years. If universal life, get a policy guaranteed not to lapse before at least age 100 if you want the policy to last for the rest of your life. You also need to look at the guaranteed interest rate in both whole and universal life.
2) The company rating.
3) What type of life insurance to get. If you want to use it for cash value or have a permanent need, you need universal life or whole life. If you are looking for inexpensive coverage for a temporary need, term insurance fits the bill.
4) Whether you want to pay it over a limited period of time, or for the duration of the policy. Only permanent policies give you the option to pay one lump sum, or a premium for several years and have a paid up policy.
Then you need to consider what your needs and goals are for the insurance. A good insurance adviser can help you to determine your needs and discover what your goals are that a correctly designed life insurance policy can satisfy.