Key tips for first-time life insurance buyers
Looking to buy life insurance for the first time? If so, you’re probably asking yourself questions such as “How much do I need?”, “What kind of policy is best?” and “Which company should I buy from?” There’s no question buying life insurance for the first time, like any other new experience, can be more than a bit daunting. Below are five important tips that we hope will make the process smoother, eliminating frustrating false starts and unnecessary bumps in the road.
1. Understand why you need it.
While most people may need life insurance at some point in their life, don’t buy a policy just because you heard it was a good idea.
2. Determine the amount of coverage you need.
The amount of money your family or heirs will receive after your death is called a death benefit. To determine the proper amount of life insurance an online calculator, like the one available at this site, can be helpful. You can also get a ballpark figure using any number of formulas. The easiest way is to simply take your annual salary and multiply by 8.
3. Find the right type of policy.
Once you figure out how much coverage you’ll need, you can think about the best kind of policy to meet your needs. Information on the most common policy types can be found HERE.
4. Look at the quality of the provider.
An insurance policy is only as good as the company that backs it and that’s why we only represent “A” rated or better carriers. Click HERE to view all of the “A” rated or better carriers available to our clients.
5. Follow Through With The Process.
Make sure to correspond with your agent throughout the application process & follow up with any emails or voicemails from your agent. Your agent may have additional requirements from the carrier that must be met before your policy can be issued and it is critical that they are met as soon as possible. Are you ready to prepare for your family’s financial security? Click HERE to get started now or call us at 1-800-692-8635