by Allison Teetsel on Sep 30, 2014
Purchasing life insurance can be a complex and daunting process. By asking the right questions, you can be assured that you and your loved ones will have the coverage and protection you need.
Life insurance can help you to protect and provide for your loved ones even after you are gone. We’ve already discussed why you should buy life insurance now, and we’ve debunked the most common myths about life insurance. Your insurance agent can help you determine how this all applies to your personal circumstances. Whether you are looking for coverage to pay for your final expenses, replace income for your dependents, or to pay your debts, you need life insurance. If your policy offers living needs benefits, you may even be able to take out a loan for your home, education, wedding, or other expenses while you are still alive!
There are many factors that determine how much life insurance you need to purchase. Do you have any dependents? Are you considering creating an inheritance, or donating part (or all) of your benefit to charity? What do you want to happen to your home and other assets when you die? Do you have any debt? Life insurance is meant to cover your cash needs at death (your last expenses and any debt that you hold), as well as the living needs of your survivors (additional income, higher education costs, etc.).
If you own a business, there is even more to consider. What do you want to happen to your business after your death? Do you have employees? What roles do they play in your business? Financial security and peace of mind are important, especially in times of grief. Don’t leave it up to chance—contact your insurance agent about purchasing life insurance today.
Would you benefit more from term or permanent life insurance? Life insurance policies can be as diverse as the individuals that hold them. Your agent can help you navigate and understand the differences between the various life insurance types.
While your insurance agent can’t actually select your beneficiaries for you, they can help you examine important elements that may help you determine who to name as your primary and contingent beneficiaries.
Life insurance can be a sensitive, delicate, and complicated matter. With so many different coverage types and other variables, it’s next to impossible for any layperson to know everything there is about life insurance. You may know what type of coverage you want, but do you know how to maximize your benefit? What happens if your beneficiaries can’t be found? How often should you review and update your policy information? Your insurance agent can help make sure that all of the bases are covered.
Want to learn more about life insurance?Contact The Reis Group today!