HOW TO BUY LIFE INSURANCE
Did you just get married? Or maybe you had a baby? If either of these things are true, it is time to purchase life insurance! Oh, you already have some? Awesome! But with these new changes to your family and responsibilities, you might want to review your life insurance coverage and decide whether you need to buy more.
Life insurance is a critical component of financial security that most people want to handle. In many people’s minds, it is confusing, annoying, and depressing. However, it is also crucial. The reality is that as soon as somebody relies on you for financial support (be it a spouse, or a child), you need to have life insurance.
While it is easy to say, “I’ll get to it tomorrow.” Or “I’ll get around to it next week.” The reality is that if you keep putting it off the more likely, you are not to get it. Also, getting it early works out better in the end. This is because life insurance is significantly less expensive to buy when you are young and healthy.
HOW TO BUY LIFE INSURANCE
There are two fundamental ways to buy life insurance: The first being through an independent local insurance agent, the second being directly from an insurance company or third from an independent online insurance broker.
If you decide to work with an independent insurance agent, one of the most important things you can do is to find one that you trust. Find an insurance agent that has your best interests in mind. Remember that it is their job to present you with several types of life insurance. At times this can be overwhelming. However, they are doing what they are supposed to do. It is also their job to answer any questions that you might have and to provide you with all of the information that you need to make a choice that you are knowledgeable about and confident in.
Now, if you are considering purchasing life insurance directly from an insurance company, you will be missing out. While doing this can be a fast option in some ways, as it narrows down what company you are working with, it also cuts down your options vastly and will likely result in your paying more. Remember above when I said that one of the most important things you can do is to find an insurance agent that you can trust? Well no offense to insurance agents that directly represent a specific company, but they do not have the customer’s best interest in mind – they have their job in mind. If you are set on working with a particular company, that is fine and entirely your prerogative. Just know that their priority is making money for their company – not your budget.
WHAT INFORMATION DO I NEED IN ORDER TO GET A QUOTE?
If you decide to apply online to get a life insurance quote, you will not need any particular documents in order to get a life insurance quote. However, you should be familiar with your medical history as well as the results of your most recent physical.
Here is a rundown of some of the steps that are involved when comparison shopping for life insurance:
YOU’LL COMPLETE A BRIEF FORM ABOUT YOU AND YOUR HISTORY
When applying for a life insurance quote, there is some information that you will need to fill out before receiving your quote. Factors that will be considered include your weight, your age, your gender and if you smoke.
If you are hoping to compare several life insurance quotes, the broker will likely ask what feels like a multitude of personal medical questions. This is necessary in order to provide accurate estimates. Make sure that you are upfront and honest. It should be noted that much of this information will be verified either with your medical record or during a medical exam.