Selecting Your Life Insurance Policy
Everyone needs life insurance at some point, plain and simple. But as consumers, we all want to know we are getting the best deal for our money. When purchasing insurance, don’t hesitate to ask your agent any questions you may have about any provisions or terms of the policy. The following questions are provided as a starting point.
1. Is this policy going to cover my needs?
Always, always make sure that your monetary needs are completely covered. You do not want to be underinsured and leave your family with a large financial burden.
2. Is this the best policy for me?
Do you only wish to insure yourself for a certain period of time? Are you looking at insurance as an investment? Make sure you know how you want your insurance policy to work for you, and make sure that what you are buying is what you actually want to buy.
3. Can I change the policy as my needs change?
No family has the same insurance needs from year to year. They may grow or decrease as your family and debts change. Always be sure that you have the option to change the policy further down the road should you so choose.
4. Can I change my mind about the policy altogether?
Most states enforce what they call “free look,” which enables policyholders to examine their policies for up to twenty days with no obligation. If within that time they decide that they need more or less coverage, or even to cancel the policy, they can do so with no financial repercussions.
5. What happens if I miss a payment?
There is usually a grace period in which you have 30-31 days to pay any late payments without a lapse in coverage. After the grace period, however, you may have to completely reapply to reinstate coverage.
Aside from these questions, you may also have questions about the company itself, such as its performance and reputation. Don’t hesitate to ask these questions and/or fully investigate the company on your own. It is in your best interest, as well as that of your family, to be as thorough as you possibly can. When you are fully satisfied with both the company and the policy, only then begin the application process.
Along these lines, you may want to learn a little more about the various life insurance companies in the market. We've done a lot of legwork for you, so you can review life insurance companies right here on our website.
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