How to find coverage that meets your needs and budget Life insurance can form a vital part of your family’s financial stability and well-being but, if you’re like most people, you may find the thought of shopping for the right type of coverage a little daunting. Fortunately, these eight simple steps can guide you along the way. 1. Determine whether you actually need life insurance Most people do, but not everyone. If no one depends…
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Roughly 1,000 life insurance companies sell life insurance in the U.S., but many are members of groups of companies and so aren’t really competitors with each other. Having separate companies enables a group to offer its products through separate distribution channels, to more efficiently meet the regulatory requirements of particular states, or to achieve other organizational goals. There are an estimated three hundred company groups. Moreover, not every group has a company licensed to operate…
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When you’re considering buying life insurance, it’s important to choose an agent or broker who can help you. Buying life insurance can be complicated or confusing. The key to buying the right amount and the right type of policy at a good rate is a good agent or broker. You should choose one who: Understands your financial situation, including your attitudes about risk, your income and estate tax “brackets,” and your other financial assets and…
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You can buy life insurance either as an “individual” or as part of a “group” plan. Individual Policy When you buy an individual policy, you choose the company, the plan, and the benefits and features that are right for you and your family. You might be able to buy the policy from the same agent or company representative who sells you property and liability insurance for your home, auto or business. And although you won’t…
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Buying the wrong benefits for a low premium does not add up to savings There are ways to save money when buying life insurance, but they don’t always entail paying a lower premium immediately. As your top priority, look for a policy that meets your needs. Buying the wrong benefits for a low premium is a waste, not a saving. Beyond that, here are some ways to maximize your life insurance dollars. Before you buy…
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A permanent life policy provides lifelong insurance protection. The policy pays a death benefit if you die tomorrow or if you live to be a hundred. There is also a savings element that will grow on a tax-deferred basis and may become substantial over time. Because of the savings element, premiums are generally higher for permanent than for term insurance. However, the premium in a permanent policy remains the same, while term can go up…
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Choosing the right type of life insurance can be confusing, but it’s also an important decision. Here are some guidelines that can help you narrow down your best life insurance options. Consider term life insurance if… You need life insurance for a specific period of time. Term life insurance enables you to match the length of the term policy to the length of the need. For example, if you have young children and want to…
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Protecting your income has become something on many people’s To-Do list since the COVID-19 pandemic struck. People who never thought about the importance of disability insurance now see how fragile our health is and how unforeseen things can derail our ability to work and earn an income. Insurance companies are now overrun with applications for life and disability insurance as people scramble to secure coverage. Here are the most common questions we’re seeing in working…
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