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Life insurance can be a very confusing topic to many people who are looking into coverage for the first time. We have put together some helpful things to keep in mind when you begin the process:
- How long do you need the coverage to last? By determining this upfront you can usually decide whether Term or Permanent insurance is best for you.
- Figure out the amount of coverage you need. There are several insurance needs calculators available today over the internet but in short you are trying to determine the number of years of income you are trying to replace on a working spouse. The second major reason to purchase life insurance is to cover the amount you owe on a mortgage or bank loan.
- Depending on the type of coverage you are looking for you can either begin your research on the internet or by speaking with an insurance broker if you need help calculating the correct amount or type of policy? Insurance rates are the same whether you contact the insurance company directly or work through a broker so you may want to seek some help with this step.
- Look for an insurance company that is Financially “A” rated or better with one of the major rating services such as AM Best or Fitch.
- Make sure the policy has a liberal conversion policy. This feature can allow you to continue your coverage in later years even if your health has declined.
Once you have completed your research and found the company with the most competitive rates for what you are looking for you are now ready to schedule your medical exam and start the application process. This final step usually takes 3-5 weeks before you are approved and have your new coverage in place.