Getting a life insurance policy that works for you doesn’t need to be hard. It all comes down to what your circumstances are: are you single, or do you have a family? Regardless of your situation, you deserve to have a life insurance policy that fits your needs and gives you some peace of mind both now and in the near future. Here are some tips for narrowing down your options when it comes to finding the best life insurance policy.
How Affordable It Is
First things first, you will want to find out how affordable your chosen life insurance policy actually is. Think about the different quotes you get for either whole life or term life policies. Whole life insurance policies typically include a death benefit that covers you for the rest of your life. Finding an affordable plan matters in the short-term and in the long run; make sure you find a premium that you can keep paying years down the road from now when your circumstances might have changed in the intervening years.
How It Pays Out
Another factor to pay attention to is how the policy’s payout structure works. Ensure that the policy you select will pay out its full value from day one. Furthermore, you may want to steer clear of “simplified issue” life insurance plans – while they are easier to qualify for, you might have to deal with a waiting period of 2-3 years before they pay out how much money they are insured for, which could become a hardship on your family after you are gone.
How Lenient the Underwriting Is
How lenient is the underwriter attached to the policy you want to purchase? Although this seems like an inconsequential matter, it is actually more important than you might think. The company you work with should take your health and lifestyle seriously but fairly, especially if you have risk factors such as diabetes, smoking, or unfavorable family health histories.
How Automatic Payments Work
Don’t forget to consider how automatic payments work. What does this mean, exactly? This is where you pay for the policy – either by arranging an automatic bank draft or credit card charge. Doing this will keep your policy from lapsing when you least expect it to do so.
If There Is a Conversion Feature
Even if you decide to purchase a term life insurance policy, at some point, you may need to swap it for a permanent plan in the form of a universal or whole life plan. The conversion feature is important, especially if your health conditions change during the term of the policy.
What the Living Benefits Are
Inquire about what the living benefits are and how they work. In other words, see how you can use life insurance while you are still alive. Certain newer policies give you some leeway in this regard – if you need to cash in the policy to pay for chronic illness treatment or will require a stay in a long-term care facility, for instance.
Get in Touch with Wachter Insurance
At Wachter Insurance, our agents are here to help you pick the right homeowners insurance so you know you have coverage no matter your insurance claims. Have questions about your homeowners insurance claims? Find answers and learn more about filing insurance claims by contacting us. We will help you understand the coverage and limitations of your homeowners insurance so you can avoid having your insurance claims denied. Please call us at 301.371.6335, visit our website or drop by our Middletown, Maryland office to personalize your homeowners insurance policy today. Be sure to follow us on Facebook, Pinterest, and Twitter too!