Where in the days and months ahead I’ll be covering all aspects of life insurance.
Just some quick facts about me to help introduce myself: I am the owner and founder of ChooseTerm.com where I work as an independent insurance broker. This means I work with most major life insurance carriers and tailor fit the coverage to my clients. I’ve been involved professionally with life insurance for over a decade now, and before that I worked as a financial advisor. Before that (I won’t go into years because I don’t want to date myself) I studied business and finance in college.
I’ve started this column to raise awareness and provide information on the complex topic of life insurance. Many Americans are either under insured or have no coverage at all, and this leaves their families in risk of not being able to keep their standard of living should the worst occur. I hope through this column to help start an honest conversation concerning life insurance through education and increased awareness. Here are some facts taken from the LIMRA Life Insurance Awareness Month study :
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You need to keep your budgetary constraints and long term financial goals in mind before purchasing life insurance. There are choices available in both permanent and temporary life insurance plans. There are a lot of companies offering insurance with fair prices. You must do your homework before zeroing in on the insurance company. Compare insurance rates, customer reviews, and the company’s reputation in the promptness in payment of benefits. You can even get instant quotes on the company’s websites. The insurance company must be an established, renowned organization as they are licensed, certified and financially sound. You can also hire the services of an insurance expert and ask him to do a complete review of your financial condition and suggest the policy. This way you can purchase the insurance policy which is custom made for you and best suits your needs.
Picking up an ideal policy also requires thorough homework. Broadly speaking there are two types of life insurance policies – the temporary term life insurance and permanent life insurance policy, each of which has many variant. Make sure your chosen policy does not put any strain on your budget and yet can provide enough death benefit for covering your funeral expenses, paying your outstanding debts and loans, providing for the children’s further education, taking care of your spouse’s financial needs etc. It is not an impossible proposition if you choose a term life insurance. Go online to receive instant term life insurance quotes and see for yourself.
How can you get an adequate coverage at affordable rate? The answer lies in simple mathematics. Let us have a closer look: • Term life is a pure life insurance policy and therefore do not offer any investment opportunity. As a result, the entire amount you pay as premium can be used to buy the death benefit. Ordinarily, the permanent policies are overpriced to pay for investment opportunity.
Every policy purchase starts with receiving life insurance quotes and you can get instant term life insurance quotes if you try to get them through online brokers. All you need to do is to provide details like your age, gender, health condition, height and weight, tobacco use etc and as soon as you hit the relevant button, relevant quotes from different insurance carriers will start appearing on your screen. You can now compare them to get a competitive price on your policy.