Tips for First-Time Life Insurance Buyers

Tips for First-Time Life Insurance Buyers

When you buy life insurance, you’re ensuring that your beneficiaries are going to be protected in the event of your death. There are a lot of different life insurance policies out there that have different durations, payouts, and premiums. Getting the right policy is essential to ensuring your family is covered, and to be able to do so, you’re going to need to know a few things about how to shop for life insurance. When Comparing Prices, Make Sure the Policies are Equivalent One of the biggest factors in determining which life insurance policy is right for you is going to be what you can afford. The first thing a lot of folks look at when checking out a policy is the premium. The thing is, there’s more than one type of live insurance policy out there, and the premium is going to reflect some of the specifics. For example, term life insurance policies tend to have a lower premium than permanent life insurance policies because term policies have an expiration date. Be Mindful of the “First Look” Many life insurance policies offer buyers what’s known as a “first look” once it’s been issued. This is a set period of time during which you can make changes to your policy or decide to cancel altogether. These policies are intended to ensure that the the client doesn’t end up biting off more than they can chew or suffering from buyer’s remorse. If you think you may want to change something about your life insurance policy after you buy it, make sure you get one with a “first look” option. Don’t...
Do You Know The Ins And Outs Of Life Insurance? Here Are Some Things You Should Know.

Do You Know The Ins And Outs Of Life Insurance? Here Are Some Things You Should Know.

Most people have a pretty limited impression of life insurance. But there are many kinds and they all have their own, unique benefits. Let’s start with the traditional kind you’re probably familiar with. It can be a real life-line if you happen to die. No one likes to think about that. But suppose you took a trip to the Las Vegas area and went rock climbing at the rugged Valley of Fire recreation area. What if you were climbing around on the “Seven Sisters” pictured above,  lost your grip and fell 75 feet to the ground? Needless to say, you probably wouldn’t be around long after that. Here’s where the benefits of life insurance come in: It could help your wife or husband continue to make mortgage payments on your home, it could help to pay off debts, it could provide income for you family … heck it could even be used as a college savings plan for your son or daughter. Life insurance also comes in handy in the world of business. A Buy-Sell Agreement is a prime example. If you own a business with a partner and he or she dies, the proceeds from your partner’s life insurance policy will go to you, and that money can be used to buy out his or her share of the business from their family. And you definitely don’t want to go into business with your ex-partner’s family. That could be a real disaster! You’ll need an attorney to write the buy-sell agreement after which you would fund it with life insurance. Another kind is Key Man life insurance. This comes in...