Since nothing in life is guaranteed, we never know when it will end. If you were to pass away today, would those that you love have the financial resources to cover the expenses associated with your passing? The following article is filled with valuable hints and tips to help you select a quality life insurance policy right for you.
The money from your insurance is going to be needed to cover debts, such as your mortgage, personal loans, and your children’s educational expenses.
If you enjoy thrill sports like parachuting, cliff diving or bungee jumping, then this may cause your life insurance premiums to increase. There are some occupations, like a type of race car driver or a helicopter pilot that are seen as “high-risk” by insurance companies, and extreme sports hobbies that could significantly raise your life insurance premium because they represent a high risk.
Obtain life insurance from financial professionals, instead of through a broker. Insurance brokers actually earn a commission off of any life insurance policies.
Let the beneficiary know how much the policy is worth, where to find the documentation for the policy, and who they can contact in case something happens.
Watch out for tell-tale signs of shadiness from the person you are working with.If an agent tries to downplay the importance of ratings, or if they claim that those very ratings are unimportant or not available, run the other way, take the time to file a complaint with the customer service department.
Stay away from “guaranteed issue” policies unless there really is no better choice. These “guaranteed” policies are targeted at the individuals with pre-existing health conditions whom have no other choice. This kind of policy doesn’t require an examination by a doctor, but the premiums are very expensive and you can only buy a small amount of coverage.
You need to find out what cancellation procedure for your life insurance before signing on the dotted line. Some insurance companies will charge fees for policy with them. You need to know upfront what fees you might have to pay should you decide to cancel the policy.