You have decided to choose a life insurance policy, but you have some questions. Like, what now? What coverage do I need? Where do I turn? How do I get started? We have answers and guidance for all your life insurance questions. Get started with a policy and protection for everything that comes. And follow these six steps to peace of mind:
- Think about your life insurance needs. Everyone's family, financial situation and needs are different. So before you follow a policy, reflect on your life. For example, are you the sole income provider for your family? In that case, your family would have no income if something happened to you. Do you have a large mortgage that your spouse could not pay on his own? Stop and think about your unique situation. Calculating the right coverage will be beneficial in the long run.
- Select a policy type. Once you have considered your needs, it's time to choose a policy. Based on your results in step one, an agent can help you understand the policy of Term Life and Whole Life and guide you to make the right choice. Here are some quick tips. Term Life insurances provide coverage for a period of 10, 20 or 30 years and are often cheaper. Entire life insurance packages added benefits, including lifetime coverage, a guaranteed death benefit and financial assets to your portfolio.
- Select receiver. Life insurance recipients are the persons or entities who would receive money if something happened to you. Many policyholders choose their spouse, children or parents as beneficiaries. But others can also benefit, such as a business partner or a favorite charity. Policyholders can choose both primary and secondary (contingent) beneficiaries to apply the policy.
- Tell your beneficiaries about the coverage . When choosing beneficiaries, it is important to provide each person's full legal name and identifying information, such as their social security number. You should also keep these individuals informed about where your policy paper is kept if needed.
- Remember to update the policy. It's easy to forget your life insurance once the details have been arranged. But the birth / adoption of a new child, a marital status update or another life event can change you in terms of beneficiaries or coverage. Your agent will advise you on how to navigate these life changes, so be sure to work with your agent through each life event.
- Enjoy peace of mind. Life insurance is an invaluable gift for your loved ones in your life. But it is also a gift for the policyholder. Enjoy the comfort of knowing that you are protecting your loved ones.
Are you looking for extra peace of mind? Ready to get started with life insurance? Talk to a local, independent agent about a Term Life or Whole Life policy today.