1) Consider why you need life insurance - Life insurance doesn't simply insure your life, it helps ensure the well-being of your loved ones if you're unable to do so.
- Motivate yourself to make the decisions that are best for you and your family.
2) Maintain your health - Make wise health decisions today -- you may need to undergo a medical exam to determine your insurability.
- The better your health, the better your policy rate. Take advantage of the opportunity to save money by getting in shape.
3) Determine the right amount of coverage - Before selecting an insurance company, figure out how much coverage you need. Online calculators will help determine your life insurance and other financial needs.
- A simple, alternative approach is to multiply your annual salary by seven. The result is the average recommended amount of coverage you should have.
4) Choose a provider
- One of the best ways to buy life insurance is directly through a life insurance company.
- Just like certain stores specialize in clothing or electronics, life insurance companies specialize too. Research to find the one that fits your situation.
- Use the Internet, friends and family; they're all valuable resources.
5) Consider your preferences- The Internet is one of the most efficient ways to maintain your policy. Find a company with the technology that will allow you to manage your account and conduct transactions online.
- A good company will offer multiple alternatives. Perhaps you prefer to make transactions in another language, over the phone, or in person. Look for a company that offers these options.
6) Do your homework - Once you have selected an insurance company, get a quote online so you have more information to help you in your decision making process.
- Think over the questions you'll be asked. Who are your beneficiaries? What's your financial situation? What do you plan to use the coverage for?
- Call to speak with a licensed agent, or consider purchasing your policy online. Your agent will have an understanding of the changes you face that could affect your coverage or beneficiaries, and will inquire with you about life stages such as marriage, starting a family, or retirement.
- Be prepared with your own information and questions as you go through these transitions.
7) Find the policy that works for your life stage - There are many different types of life insurance products, and learning about the available options will provide you the most comfort and security.
- A term policy will help you secure protection at the lowest rate for a specified period of time.
- If you can pay a little more money, a whole life policy may allow you to lock-in a more afforable rate early on, keep that rate for life, and give you the option to borrow the cash value of the policy.
8) Consider the financial benefits of the policy you choose
Life insurance policies offer financial benefits that your agent will outline for you. - Under current tax laws, your beneficiaries may not have to pay federal income tax on the money they receive from a life insurance policy.
- Accelerated death benefit riders, under certain circumstances, may allow you to receive a percentage of your life insurance death benefits during your lifetime.
9) Create a relationship with your insurance company - When you speak with your insurance company, write down the name of the agent that helps you, and what's discussed, so you'll be prepared for any follow up.
- Stay tuned to the company's Web site for any updates or advice they have to offer.
- Take advantage of additional financial tools and resources the company has to offer.
10) Manage your financial future - Be proactive in making sure you have the right coverage at every stage of life.
- Periodically review your personal circumstances and the products you own. Make sure your coverage fits your family and does not lapse.
Despite these uncertain times you can take control of your financial future and have the right coverage at the right time! For more tips and advice on purchasing life insurance visit SBLI USA Mutual Life Insurance Company, Inc. at www.sbliusa.com or phone 1-866-331-3075.
No comments:
Post a Comment