Life Insurance Quotes
At some point in every adult’s working life, there comes a time to purchase a life insurance policy. There are a handful of base options that mutate into dozens of offerings depending on age, gender, health habits and even the company providing the coverage. Everyone wants the security of knowing their loved ones will be taken care of, but how do you know what the best plan is for you? Here are two questions to ask before you start getting life insurance quotes:
How much do you need?
First and foremost, you must understand what you are setting out to secure. In the event of your untimely death, would a mortgage need to be paid off? Would the benefit be used to fund college educations for your children? Are there other obligations which might leave your spouse under a massive burden? Taking an honest look at your income and expenses will go a long way to helping you figure out the optimum amount of coverage.
What is your financial plan?
Obviously, you’ll want to make sure the policy you purchase fits into your budget. Making your payments on time is especially important with life insurance policies, as some are terminated if you miss just one month. It’s easy to say, “Buy the least expensive plan that provides the most coverage,” but it’s not that simple: Would you rather pay more and have a whole life policy that acts like an investment or use the money you’ll save by purchasing term life insurance elsewhere in the market? Speak with your financial planner or accountant to see which is best for your goals.
After you’ve figured out these answers, then it’s time to do the research and pick a policy. Though it will take some effort, this phase will break down into three steps, generally speaking:
Find companies that can meet your needs.
In the internet age, there are a variety of ways to learn about pricing. Typing “life insurance quote” into a search engine will yield loads of results, some sites deal directly with specific companies while others allow you to submit information and receive information from several providers. In the end, you will end up dealing with an agent, so the best move may be to check with family or friends and call local offices. Doing so will allow you to directly tell someone what’s required and keep you from wasting time weeding out policies that don’t fit.
Be sure the coverage is sufficient.
It may be tedious, but take the time to read all the fine print. You’ll want to be sure the policy takes care of everything your loved ones will need, or at least as much as you can predict. Plus, it will give you a chance to catch any unmentioned fees, restrictions or premium rate increases. If you have questions, ask the agent. It’s better to get everything in the open now.
Make a decision.
If you’ve done the legwork to this point, it’s likely you will only have two or three options to choose from. Compare the policies side-by-side one more time. Does one provide more flexibility? Is there a company with a better reputation for customer service? Are you more comfortable with the long-term stability of one provider than the coverage of another?
This is an investment in your family’s future, so you’ll want to make sure whichever plan you decide on is reliable and allows you to make the changes as you like, if that’s important to you. Remember: whether you choose term or whole life insurance, you’re going to be making monthly payments for a long time. Be certain you go with something and someone you trust.