One of the best things that you can ever do for your family is to take out a life insurance policy. The reason why is because although you are planning to stay around for a very long time, life insurance helps to take care of any expenses or debt that you may leave behind should you happen to pass.
If you’ve never taken out a policy before and you’re wondering what kind of questions that you should ask yourself (for the sake of research) before speaking directly with an insurance agent, this article will share with you five common concerns that many life insurance policy shoppers tend to have.
When should I get life insurance? As far as trying to determine when you should get a life insurance policy, that honestly depends solely on you. Unlike things like home and car insurance that you are legally required to have, life insurance is not a mandate. Plus, it tends to be something that individuals with health issues or are older in age tend to be more interested in getting. Just keep in mind that if you are interested in this kind of coverage, the sooner you get health insurance, the more time you have to pay for your policy. And this can ultimately save you money on your premiums.
What are my options? When it comes to the life insurance options that you have to choose from, basically there are two main ones: whole and term life insurance. Many people opt for term life insurance because it’s cheaper and easier to modify. On the other hand, if you’re willing to pay more for permanent coverage and you don’t mind having fixed premiums (and you also are looking to use some of the money towards bills or retirement at some point), whole life insurance may be a better choice for you.
What company should I go with? As far as choosing the perfect life insurance company to go with, there are lots that you can choose from. Thanks to the internet, you can find a wealth of information in just a matter of moments. One website that has a comprehensive list of some of the best companies that are currently on the market is Consumer Affairs. Simply go to the site and put “best life insurance companies” in the search field.
What do I need to know about medical exams? Once you’ve found a couple of life insurance companies that you’re interested and their online life insurance quotes are within your budget, the next thing that you should look into is if they require a medical exam. If they do, that’s nothing to be overly concerned about. That is simply what they require in order to make sure that you are insurable (under their guidelines). Also, based on your health results, they can then determine what your premiums should be. Medical exams can take place at your home or office, they usually take under an hour, and they are free of charge to you (the insurance company pays for them).
What if I can no longer afford my policy? So what happens if you find yourself without a job or going through a really difficult financial time? Are you able to cancel your policy? In most cases, yes. However, it’s not advisable. The better route to take is to contact your insurance agent so that they can work out a plan with you. For more information on when you should and when you shouldn’t cancel your life insurance, visit Personal.Insure.About.com and put “when is it time to cancel life insurance” in the search field.