A lot of folks know they need a life insurance policy.
They buy one but painfully, their loved ones do NOT still get the right kind of protection they thought they'd provided.
You don't want to make such a grave mistake, do you? These check list should help you ensure you have the right amount and type of coverage...
1.
Some folks count on the life insurance policy provided by their employer.
These are almost always inadequate.
Furthermore, what happens if you lose the job? You don't take it with you, do you? Therefore make sure you buy a life policy that is always yours and within your total control.
2.
Yes, group rates are usually cheaper on the average.
However, this is NOT always true.
If you're healthy and have a very safe lifestyle, you'll certainly pay less with an individual policy than you would with a group policy.
If you'll pay less with an individual policy, then you'd be able to buy more coverage for the same amount.
This means that your loved ones will have better coverage if you pass on.
3.
Many people do NOT factor in the contributions of a stay-at-home spouse.
What would happen if you pass on and such a spouse is compelled to work full time? They'll need to make alternative provisions for child care.
This would mean additional ongoing expenses.
On the other hand, what would happen if such a spouse passes on and you need to pay someone full time for child care? These should be factored in when you calculate your coverage amount as parents buying life insurance.
4.
Make sure the term of your life policy is such that your dependants will get all the financial support they need.
It's smart to choose a term that will cover your dependants until they can fend fully for themselves.
5.
Still for those who opt for a term life policy: Make sure your policy has two features: Guaranteed renewal and convertibility.
With a guaranteed renewal you're sure your policy will be renewed while with the convertibility feature, you can always change to another type of life insurance policy if you think you'll be better served by it.
6.
Buy while you're young.
The younger you are, the less you pay.
Furthermore, the more you guarantee that your loved ones are fully covered.
7.
Make sure you get and compare quotes from as many insurers as possible before you settle for a policy.
Doing otherwise simply means paying too much.
You could easily save a few hundred annually in premium dollars just by doing this.
They buy one but painfully, their loved ones do NOT still get the right kind of protection they thought they'd provided.
You don't want to make such a grave mistake, do you? These check list should help you ensure you have the right amount and type of coverage...
1.
Some folks count on the life insurance policy provided by their employer.
These are almost always inadequate.
Furthermore, what happens if you lose the job? You don't take it with you, do you? Therefore make sure you buy a life policy that is always yours and within your total control.
2.
Yes, group rates are usually cheaper on the average.
However, this is NOT always true.
If you're healthy and have a very safe lifestyle, you'll certainly pay less with an individual policy than you would with a group policy.
If you'll pay less with an individual policy, then you'd be able to buy more coverage for the same amount.
This means that your loved ones will have better coverage if you pass on.
3.
Many people do NOT factor in the contributions of a stay-at-home spouse.
What would happen if you pass on and such a spouse is compelled to work full time? They'll need to make alternative provisions for child care.
This would mean additional ongoing expenses.
On the other hand, what would happen if such a spouse passes on and you need to pay someone full time for child care? These should be factored in when you calculate your coverage amount as parents buying life insurance.
4.
Make sure the term of your life policy is such that your dependants will get all the financial support they need.
It's smart to choose a term that will cover your dependants until they can fend fully for themselves.
5.
Still for those who opt for a term life policy: Make sure your policy has two features: Guaranteed renewal and convertibility.
With a guaranteed renewal you're sure your policy will be renewed while with the convertibility feature, you can always change to another type of life insurance policy if you think you'll be better served by it.
6.
Buy while you're young.
The younger you are, the less you pay.
Furthermore, the more you guarantee that your loved ones are fully covered.
7.
Make sure you get and compare quotes from as many insurers as possible before you settle for a policy.
Doing otherwise simply means paying too much.
You could easily save a few hundred annually in premium dollars just by doing this.
