Shopping For Life Insurance, But Do I Need Life Insurance? The Basic Answer is always Yes. And Yes Again, All because Life Insurance is never about you or for you. It is for the ones you leave behind who may have to bury you, or the ones you leave behind who you have brought in as part of your family. And they have learned to depend on you, your love, your money, your protection and your care. So Shopping For Life Insurance is a quick duty that you can do easily and painlessly if you know what to look for. So for the purpose of this Article we will be focusing on the most affordable Life Insurance, which is Term Life Insurance. And I will share with you what to look for and do in 7 Easy Steps. Let's Begin
Step1. Careful About Insurance Agents.
When Shopping For Life Insurance it is always best to use an Agent or a Middle Man rather than calling each company and asking questions. Whether you do it by phone or online using a Website, be sure to keep in mind That Agents offer up Insurances for a Living. In other words they live on Commissions and UP SALES, so they will try at first to offer you the most expensive type of Insurance available on the Market, like whole life Insurances, and then downgrade from there.
Step2. Do Comparison Shopping For Life Insurance.
So don't just talk to one Agent or go to one Website that offer up quotes. No, do submit your information to a couple of websites that will send you quotes along with a couple of Agents. Because each one will be affiliated with different Insurance companies with different financial strength levels.
Step 3. Evaluate The Insurance Companies
I am not sure if you recall a company call ING, it is a giant insurance company that has misled many with Faulty and Tricky Accounting and they did not have the Financial Strength they claimed to have. And why do you need to evaluate the Financial Strength of the Insurance Companies you might ask?. Because having Term Life Insurance will be for 10, 20 or even 30 years; and after you die is when you will need them to pay out Benefits that you have been paying for Half Your Life. Make sure Management is strong and that their reporting is accurate by checking with regulatory commissions.
Step 4. Term Policy Insurance Or Whole Life Insurance
Term Policy life insurance, you buy it for a fixed period of time of anywhere from 5 to 30 years at a very cheap price or for a minimum of $5.00 per month. And Whole Life Policy Insurance offer you a Savings Account within your Policy – where the majority of the money you pay each month goes toward a savings account at a super low interest rate ( But usually only after the first 3 years when Agents have drawn out all their commissions ), and the little bit that is left go toward a term policy life insurance. It has always been regarded that whole life insurance is good for the company and its highly paid agents, and term life insurance is good for you the consumer.
Step 5. Buy When You're Healthy And Tell The Truth.
There is a medical reporting company called: M. I. B. - Medical Information Bureau. And every Doctor, Clinic and Hospitals you ever went to Usually report all their interactions with you and test results from you with the M. I. B.. Just like the Credit Bureaus and Every Credit Application you ever filled out. So Please tell the truth about your health when applying for or Shopping For Life Insurance, because it will do you no good to lie. Insurance Companies do not want to pay you and that is how they keep all their profit just like you car and house insurance companies. So After you die, and your insurance company have to pay out a Large Insurance Claim, Believe me they will begin investigating all areas of your medical life before, just so they will not pay. And you know computers are super fast and keep all records.
Step 6. Shopping For Life Insurance, What To Look For And Do I Need Life Insurance. You need To Figure Out How Much Life Insurance You Need.
The rule of thumb for this has always been that you will need At Least 7 times what your total income is per year. In other words, if you make $50,000 a year then you will need at least 350,000 in Term Life Insurance. Because that would give your Loved ones at least 7 years worth of living expenses, along with time to get over your death as well as time to acquire new skills to double their income.
Step 7. Update And Add As Your Need Grow
Just like any and everything in life, nothing stays the same forever. So as your life, your kids and your family changes, then you need to make adjustment to your Life Insurance Policy. And usually you will need to increase it, unless you lose your income. Equally Important, make sure you update your Beneficiaries at all times since people die before you, divorces take place etc...
Shopping For Life Insurance, What To Look For And Do I Need Life Insurance. So all in all, if you care about leaving a legacy behind or you want to make sure your loved ones still maintain the Lifestyle you brought them to be accustomed to, then Shopping For Life Insurance and Getting a Term Life Insurance Policy is definitely what you need. James Dazouloute
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