Life Insurance Basics
As you probably already know, life insurance is designed to protect the insured against the risk of death. While certainly no one likes to think about their own mortality, making sure your family is protected should you pass away is extremely important; and proper life insurance coverage can help.
When looking for life insurance, be sure and shop around. Like all types of insurance, premiums can differ substantially between carriers, so getting multiple quotes is always a good idea. There are different types of life insurance, and while term insurance is usually the right choice, make sure you at least discuss the other alternatives with your insurance carrier.
Having the proper level of coverage is important. Many people purchase too little insurance, but at the same time, many others have too much life insurance. Determine what you are hoping to accomplish with the amount of life insurance you have, and purchase exactly that amount; no more and no less.
Also, don’t try and hide anything on your life insurance application. While you may pay higher premiums for certain things, if you try and hide them, there is a chance your life insurance claim could be rejected. With so many different companies out there, tell the truth and find the most affordable rate.
Most importantly, regularly review the amount of life insurance coverage you have. Many happenings in life with alter your need for life insurance - some will increase your need; some will decrease your need. The only way to consistently be comfortable that you have the proper amount is to review your coverage at least every few years to make sure what you have is still correct for your current situation.
Life Insurance Resources
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