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5 Things to Know When Buying Life Insurance

5 Things to Know When Buying Life Insurance

  |   Life & Health Insurance, Life Insurance, Personal, Specialty   |   No comment

Buying Life Insurance is a necessity and making the choice of which life insurance policy to purchase can be overwhelming, but it doesn’t have to be – review these 5 Topics with your agent so you can make an educated and sound decision.

  1. Review your personal life insurance needs. Work with your agent so they can help you decide what you need from a life insurance policy.
  2. Compare types of life insurance policies. Have your agent explain the difference between permanent and term life insurance and the options for each. Let your agent help you choose the best policy for your current and future needs.
  3. Decide how much coverage you need. Are you the only income source for the family? Do you have dependents? Have you thought about how your family will pay final expenses and debts after you are gone? Work with your agent to come up with coverage that will provide for your family in the event of your passing, but also be affordable now.
  4. Review the renewal policy. With term life insurance, the insured can typically renew for more terms regardless of changes in health. But will the premiums change? Do you lose the right to renew after a certain age? Have your agent thoroughly review the renewal policy with you, so you understand your options.
  5. Evaluate the future of your policy. At what rate will the cash value grow? Your agent can give you a yearly breakdown of cash growth and speed to help you make your decision.

Bonus Tip: Don’t hesitate to ask your agent any question you have when buying Life Insurance. At Condon-Meek, Inc. we are here to help you make the best choice for coverage. Call us at 1-800-221-1964 or email us at info@condonmeek.com.