- What are the best ways to buy life insurance?
- December 19, 2013
According to the LIFE foundation, around 90 percent of Americans say that life insurance is something they need, yet only 40 percent own a policy. If you don’t have life insurance or need more coverage than you already have, there are three steps to go about gaining coverage:
1. Talk to an insurance professional
A qualified, licensed insurance professional can help you conduct the detailed financial assessment needed to determine how much and what kind of insurance to buy. To find one that’s right for you, ask recommendations from friends, relatives or a trusted adviser – such as a lawyer or an accountant.
Before agreeing to work with an agent, interview at least two to establish a basis for comparison. In the interview, ask them about their education, training and professional designations, and if they are a member of a professional association.
2. Obtain a group policy through your employer
Many employers, especially larger ones offer life insurance as a part of their benefits package – usually a term policy equal to one or two times your annual salary – at no cost to you. This policy, called group insurance, is a nice benefit to have, but is typically not enough to meet most people’s financial needs. If you need more coverage than your employer’s “basic” benefit, seek out assistance from your human resources department.
3. Purchase directly
You can purchase coverage via the Internet, over the phone or by mail. The better agencies provide qualified insurance professional to guide you through the process, and offer competitive quotes from multiple life insurance companies. Based on your specific health situation, finding the right company is important in getting the best price available.
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