Mail-Order Life Insurance
Everyone has seen the ads featuring a well-known Hollywood star and his wife pitching Mail-Order Life Insurance. Everyday thousands of policy offers are sent through the mail, landing in mailboxes nationwide. They offer premium coverage at an extremely affordable cost to consumers. For those without life insurance, who cannot qualify for a standard policy, or have only small personal policies, these mail-order offers sound like an easy and affordable option to provide their families with at least enough money to cover funeral and medical expenses. Plus there are no agents to deal with, which can also be attractive to some consumers. However, mail-order insurance carries great risks in purchase.
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Potential Risks of Mail-Order Life Insurance
For one, the fact that there are no agents mean that there is no one to explain your policy and no one to deal with personally, so no attention is given to your individual needs. Even though there are no salaries being paid to agents, the companies still need to cover the cost of mailing the offers and advertisements, so the cost of their premiums may not actually be any lower than a standard policy, especially since they are covering a greater risk because of their wider availability.
Before signing your name to any mail-order offer and returning the contract, it is best to look into more traditional insuring methods, or at least investigating the company and asking an insurance professional to explain the contract to you. Though you may think you are providing your family with some peace of mind, you may actually be in for more than these policies are worth. Always proceed with caution.
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