According to the LIFE foundation, some 90 percent of Americans say that although they know they need life insurance as a keystone to their financial planning, only 40 percent actually own a policy. If you don’t have life insurance or need more coverage than you already have, there are three steps to go about gaining coverage:
If you don’t yet have life insurance – or need more coverage than you already have – here are three simple steps to help you begin the process:
Talk to an Insurance Professional
A qualified, licensed insurance professional can help you conduct the detailed financial assessment needed to determine how much and what kind of insurance to buy. To find the professional most adapted to your needs and circumstances, it makes sense to ask for recommendations from friends, relatives or a trusted adviser. It’s also a good idea to get input on your choice from your lawyer or an accountant.
Before you agree to work with an agent, interview at least two who come with the best recommendations to help you establish a basis for comparison. During those interviews, ask them to talk about their education, training and professional designations. You should also ask if they happen to be members of any professional associations.
Obtain a Group Policy Through Your Employer
Many employers, particularly the larger ones, offer life insurance as a part of their benefits packages. Those usually come in the form of a term insurance policy equal to one or two times your annual salary. And that policy often comes at no cost to you as an employee. Such policies, called group insurance, are an exceptional benefit to have, but that amount of coverage is typically not enough to meet most people’s financial needs.
If you need more coverage than your employer’s “basic” benefit, take the time to seek out some assistance from your human resources department.
Research and Purchase Your Life Insurance Directly Online
You can research and purchase your life insurance coverage online or over the phone, but make certain whatever outlet you use is reputable and has been in business for the long haul.
The better agencies provide qualified insurance professionals to guide you through the process and also offer competitive quotes from multiple life insurance companies. Based on your specific health situation, finding the right company is important in getting the best price available.