It is a depressing topic; it is something none of us want to think about because it means we will no longer be around, but life insurance is something we all need to think about not so much for our own sake but for that of our loved ones. What if something were to happen to you tomorrow? Would your family be taken care of, or would they be left with a financial burden on top of their already heavy emotional one? Read on to understand how you can protect your survivors once you are gone.
First of all, it is important to know what the different kinds of policies are, what coverage they will afford you, and what type you should be looking at in order to help your survivors meet your financial obligations after your death. The two major types of insurance policies are Term Life and Whole Life. As its name suggests, Term policies provide protection for a specific period of time, and although they do not accumulate cash value, they are generally the least expensive form of insurance. Whole Life, on the other hand, is a more permanent kind of insurance. As long as you pay your premiums, Whole Life policies will protect you throughout your entire life, and can also build up in cash value.
Once you have determined the type of coverage that is best for you, it is important to assess the various companies you can buy from. What if you put all your money into one insurance company and ten years down the road it is not around to pay your claims? To prevent against this, look at your company’s credit rating by an independent agency such as Moody’s or Standard and Poors, both of which assess the insurer’s ability to pay its claims on time as well as meet its other financial obligations.
It is crucial that you understand the details of any life insurance policy that you buy. According to a recent study by the American Council of Life Insurers, 62 percent of life insurance owners do not even understand their own policies. If your agent or company cannot explain its terms in as much clarity as you would like, do not hesitate to look elsewhere. Make sure you have examined your premiums, your guarantees, and any penalties you may be forced to incur in case you decide to cancel the policy early. Remember, the fine print is fine for a reason.
Once you have determined which policy is best for you, be honest with the company in filling out your medical and family history. It might reveal some ugly truths, but you do not want to risk lying, only to have your claims delayed or completely denied to your family once you are gone.
Buying life insurance should be approached with caution and care, but do not wait too long. It exists to protect you and your family from the unexpected, and you never know when the unexpected will happen.
Like this article? Share it with your friends
 |
Related Articles |
|
 Life and Death
|
| |
"Life is a highly contagious, incurable disease with a 100% mortality rate."
|
|
Sales Query Answer
|
| |
A new subscriber emailed me this plea for help.
|
|
Life Insurance
|
| |
It is a depressing topic; it is something none of us want to think about because it means we will no longer be around, but life insurance is something we all need to think about not so much for our own sake but for ...
|
|
Insurance FAQ's
|
| |
What is Workers' Compensation Insurance?
|
|
Best Insurance
|
| |
The dizzying myriad of insurance companies that have popped up in recent years has made it even more difficult for the consumer to know if they truly are getting the best insurance deal possible. You know you need t...
|
 |
Related Businesses - Evan Elite Authors |
|
Leanne Hoagland Smith
Are you or your business where you want to be? Are you facing constant struggles in business or life in general? Would you like to "unlock" those obstacles keeping you from greater business or personal success? As your results partner, we can work together to unlock those desired results by achieving tomorrow's solutions today. Let’s use your strengths for real change through proven and affordable solutions where the real problems are identified. Are you seeking loyal customers, great attitudes, increased sales, improved profitability or just some sleep filled nights? Then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspec ialist.com/customer-loyalty.htm Give me a call 219.759.5601 for a free strategy session. I look forward to speaking with you. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland Smith's Website |
The Evan Elite Authors program is currently in beta phase. For details please contact us.
|
|
|
Peter Walker's
Complete
List Of
Insurance
Articles
|
|
If you enjoyed this article, get Peter Walker's Complete List of Insurance Articles For FREE!
|
|
|
|
