Life insurance is essential – it’s one of the only ways that you can protect your family from financial destitution if something were to happen to you. It provides for your end-of-life expenses, ensures that your loved ones are not left responsible for your debts, and ensures peace of mind. However, you need to work with life insurance companies to buy this protection, and that can be difficult to do. We make things simpler.
Before we touch on how to compare life insurance companies, let’s explore why, exactly, life insurance is so very important. Too many people assume that because they are young and healthy, there’s no need to worry about life insurance. That’s something that only older Americans should be concerned with, right?
Wrong. Life insurance is a vital consideration for everyone, no matter what your age might be, or how healthy or unhealthy you are.
Who needs life insurance? Everyone. It’s as simple as that.
Most people actually do realize that life insurance is important. They just put off buying a policy until they experience an event that makes it impossible to ignore that need any longer – an accident, a health scare, etc. The problem with this method is that by waiting until you’ve experienced an event that really drives home your mortality, you miss out on some crucial benefits.
What are those benefits? Let’s take a closer look:
As you can see, there are plenty of reasons to consider working with life insurance companies. The right policy can provide you with peace of mind, and will ensure that your family has the financial protection they deserve.
While life insurance companies can offer financial stability and protection, each policy is unique. There’s really no one-size-fits-all solution here, and you’ll need to know what ingredients go into creating the right insurance policy for your specific situation, needs, financial goals, and projected future requirements. That means answering some pressing questions.
One of the first questions to answer is how much life insurance you’ll actually need. This is a crucial consideration, as it will affect the premiums you pay on your policy, but will also have a direct impact on your heirs/beneficiaries. The more insurance you purchase, the more money you can leave to your spouse, children, grandchildren and/or other heirs.
However, the cost of your policy increases in direct proportion to the amount of the policy. The best advice here is to work with a financial advisor to help determine the optimum amount for your specific needs. Our team can also help answer questions you might have about purchasing life insurance. The rough rule of thumb is to purchase between seven and 10 times your annual salary.
Another consideration you’ll need to make here is whether or not you should purchase term or permanent life insurance. For those unfamiliar with these two types, they break down as follows:
Of the two types, term life insurance is often the cheaper option, which makes it pretty popular. However, permanent life insurance also offers quite a few benefits. Our experienced team of experts can help you determine whether term or permanent life insurance is the better choice for you based on your specific situation.
While term life insurance might be more affordable, permanent (or whole) life insurance offers cash value that builds over time. This can providea number of important benefits for you down the road that have little to do with the financial protection offered in the case of your death. For instance, many whole life policies allow you to use cash value to make premium payments after you have built up some value within your policy. So, if you were to encounter tight financial times down the road, you may be able to use the value of the policy to make premium payments.
There’s also the potential to surrender or sell your policy in the future, as well. Whole life insurance builds cash value and if you choose to cancel or surrender the policy to the insurer, you’ll receive a portion of the value. In some instances, you can also sell your policy for cash.
Finally, whole life insurance also offers the ability to work in additional protections. For instance, you might use some of the cash value of your policy to supplement your retirement income, or you could choose to add riders, such as accelerated death benefits for long-term care medical care coverage.
Answer the questions above before you purchase any life insurance policy. Remember that your policy should be tailored to your unique needs, goals, and life situation.
The protection options available to you are limitless, really, but you’ll need to work with an experienced expert, and ensure that you’re making an informed choice when it comes to life insurance companies. There are many, many life insurance companies out there today, and they’re certainly not all the same. How do you ensure that you’re making an informed decision?
In order to purchase the best possible life insurance policy, you’ll need to compare insurers and make an informed choice. You will need to base your decision on many different criteria, but two of the most important are as follows:
Customer Complaints: How many complaints have been filed against the insurer with the Better Business Bureau or other watchdog organizations? What do those complaints entail? Are they related to failure to pay benefits? Overcharges? Lack of protection?
Financial Strength: No life insurance company is better than its financial strength rating. Remember, the entire point of these companies is to pay benefits on the death of the policyholder. They need the financial strength to do just that. A.M. Best financial strength rating is a critical consideration to make when choosing between life insurance companies.
These are only two areas of comparison – your specific needs, goals, budget and lifestyle will determine exactly what goes into making a good insurer. We can help you find the perfect fit. Get in touch today and start the quote process.
There are dozens, perhaps hundreds, of companies that ostensibly offer life insurance protection to residents of the United States. However, if all of those companies were the same, there would hardly be a need for so many. Life insurance companies are not all cut from the same cloth, and they can vary in many different ways, including:
Discomfort: Another reason people want to avoid having a physical is due to the discomfort. No one relishes the idea of sitting in a cold exam room, but it goes beyond this. Some insurers require that you have an EKG to verify heart health, while others might require you to provide a urine sample, or a cheek swab. Most of them require that you have blood drawn, as well. This ties back into the time requirement, as well, because those tests take time to complete, and then the information has to be sent to the insurer, who will then take yet more time to determine if the test results negatively impact your risk level.
Exclusions and restrictions that might prevent your beneficiaries from receiving payment
These are just some of the ways that life insurance companies vary from one another, but the list above provides you with a good idea of why it can be so difficult to choose between providers. Other things to consider are even less easily ascertained, such as reputation, dedication to customers, honesty and the like. For this reason, it’s important to work with a trusted expert to help you sort through the life insurance companies available, their value to your situation, and the protection they can provide.
We know it can be a struggle to find the right coverage, settle on the right coverage amount, and sort through all the options available. Our life insurance quotes make things much simpler. With our life insurance quotes, you can:
Save Time: Compare life insurance policies side by side and see how they stack up to one another on an immediate basis. This could take you weeks, or even months to do without side-by-side quotes.
Save Hassle: We make it simple to compare life insurance quotes from leading insurance companies, rather than having to submit for individual quotes one at a time. We take the stress out of the situation.
We Save You Money: We understand that life insurance is vital, but that doesn’t mean it has to break the bank. With our life insurance quotes, you can easily find the right amount of coverage for the right price to suit your budget, your lifestyle and your future needs.
We only work with reputable life insurance companies that stand behind their customers. Interested in getting started? Contact us today to learn more or to start the quote process.
When it’s all said and done, life insurance is a blanket of financial protection, allowing you to safeguard your family, ensure that your final expenses are met without putting a burden on your loved ones. It makes sense that you would want to compare your options before making any decision.
Let us help you compare life insurance companies, quickly, and easily. Contact us today.