Are you buying life insurance for the first time? Whether you’ve just gotten married, had a child, or started a business, you need life insurance. However, choosing life insurance for the first time can be confusing. Here are some tips to help you make the right choice.
Know Who You’re Protecting
If you’ve just gotten married or had your first child, then it’s easy to see who your life insurance should cover. However, there are often others who can benefit from life insurance. For example, stay-at-home parents and student loan cosigners can benefit from life insurance as well. Be sure to talk to your insurance agent about all of your options.
Buy What You Can Afford
When choosing life insurance for the first time, many individuals are disheartened by the expense of the plans that they want, which leads them to forego purchasing life insurance until they can afford the plan they prefer. If this happens to you, it’s best to just purchase a lower plan. Some coverage is always better than no coverage at all!
Carefully Choose Your Beneficiaries
A beneficiary is the person who receives funds in the event of your passing. This can be a person, business, trust, charity, or even your church. It’s important to remember that you can choose more than one beneficiary. It’s especially important to choose your beneficiaries wisely if the funds are meant to benefit a minor. It’s also important to make sure that you have a will so that you can stipulate how all of your funds and assets should be handled.
Buy from a Financially Sound Company
It’s important to have the backing of a financially-strong insurer should you need to have your life insurance funds paid out. A.M. Best, a company that rates the financial strengths of insurance organizations, gave Erie Insurance a rating of A (Excellent).
Work with a Licensed Insurance Agent
A licensed insurance agent has the skills and expertise to provide trusted guidance when choosing your life insurance for the first time. A licensed agent will help you to find the right plan for the right price. They’re also someone your family can turn to in times of need, so it’s important that they are someone you can trust.
Get in Touch with Wachter Insurance
Looking for someone to discuss your insurance options with? We’re here to help. At Wachter Insurance, we’ll sit down with you and help you to personalize your auto insurance policy so that it works best for you and your needs. Please call us at 301.371.6335, visit our website, or drop by our Middletown, Maryland office to schedule your personal and informative appointment. Be sure to follow us on Facebook, Google+, Pinterest, and Twitter too!