How to Buy Life Insurance?

Life insurance is an essential investment if you have a family who depends on your monthly income. Buying a good policy is very important because your loved ones may depend on its benefit! There are certain steps that you have to take before making such a purchase.

1. How much coverage do you need? Determining the amount of coverage which your policy should carry is very important. Do the math by taking into account your monthly income and expenses. As a thumb rule, you should pick a coverage that is at least ten times your income.

2. Permanent or term life insurance? This is one of the big questions of buying life insurance. What should you choose? Since you haven’t experienced life coverage before, I recommend you start with a term policy. It is cheaper and more flexible. If you are happy with your policy you can choose to extend it to a permanent type policy.

3. Where can you find the best offers? Nobody can guarantee you the best policy, but it is advisable to be skeptic and to check as many rates as you can. Comparing quotes on the internet is one of the easiest ways of finding cheap insurance.

4. Always buy at the office. Use the internet for information and to get a perspective of the price, but do business in the office. Discuss face to face with your agent the policies terms. In this way you have more control and you can ask questions and discuss unclear issues.

5. Low premiums aren’t everything. Just because an insurance company offers you low rates doesn’t mean that the whole policy is good. Life insurance is about protecting your family in case of unexpected death. This means that you should purchase a policy from a reliable company, one that can pay. Always check the financial rating!

6. Do not lie on your application. Out of the desire to save some dollars, you’ll end up jeopardizing your family’s financial future! The most common lie is “I am not a smoker”. Keep in mind that you are not a smoker if you haven’t smoked a cigarette in a year. If your smoking habit doesn’t show up on the medical exam, it may show on the autopsy in case you die. The insurance company will use this claim to refuse payment.

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