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mara_0229 | What are important things to know when buying a life insurance? |
What questions should I ask about a policy in order to pick the best company and benefits? |
 |
 
mbrcatz
|
The most important thing to know is, what's the GOAL of the policy? What's the POINT of having the insurance, and is there going to be a point when you don't NEED it any more.
Then you need to look at ALL the alternatives to acheiving the goal, and compare the COSTS of each alternative, to you.
Finally, if/when you decide on an insurance company, you need to make sure they are A rated, to know that when you finally have a claim, they'll be around to pay out. |
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Hadley
|
There are several things to consider when buying a life insurance policy.
It depends on the type of life insurance policy you choose.
Permanent life insurance is protection that lasts your entire life.
Term life insurance provides coverage for s specific number of years. So, you want to know when the coverage expires, if it guarantees renewability, so you can continue coverage at expiration, and whether you need to take a physical exam to qualify for another policy at renewal.
Other Things to consider include:
Will the premium rates will increase over time, how often and what the rates will be?
Can you take money out of the policy before it expires?
If it's a term life insurance policy, can you convert it to permanent life insurance? If so, by what date do you have to make the decision, and what will it cost?
What is the financial strength rating of the insurance company?
How long has the insurance company been in business?
What type of life insurance policy do you need?
How long do you need life insurance protection?
Can you increase the amount of coverage in the future without being required to take a physical exam?
Will annual premium payments save you money, instead of paying monthly?
What exclusions apply to your life insurance policy?
Is there limited benefits / coverage for a specific number of years before full coverage takes effect?
I hope that helps! Best of luck to you. |
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LifeInsuranceAgent
 |
1. Decide whether you need term or permanent insurance.
2. Make sure the agent asks you the necessary health questions to ensure that you will actually qualify for the rates quoted.
2. Shop around to compare rates. You want to make sure that the quotes are based on guarantees, not current assumptions.
3. Look at the conversion privilege of the policies if term insurance.
4. Check the ratings and financials of the companies. |
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anna_ruseva
|
1. You have to give information about what you need to accomplish with this life insurance.
2. Listen what is provided/offered to you.
3. Ask questions
4. Make your choice.
Do your homework before going to an appointment with an agent. Ask friends, ask professionals who you know, or tell to the agent that you need your first appointment to be just for an orientation.
An agent from my company wrote LI for 2 mlns. death benefit, but he build trust with this client 5 years from the first step. Your life ins. could be for 200 000 death benefit, but this is your"2 mlns." and you deserve 2 or 3 appointments if you need them. |
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PFS rep
 |
To simplify things, mara, term is usually the best. Insurance is provided for a period of time, up to 35 years, when insurance need is the greatest (young kids, mortgage, debt, college, loans). It is a lot more cost effective than any cash value type policy. Get the longest term that you think you will need, not 10 years. Short terms will be renewed at a higher cost at the end of the term. Lock in the lowest price. Get the coverage you need now also.
To know what insurance needs you have, calculate as follows: DEBT TOTAL + INCOME REPLACEMENT FOR SURVIVORS + MORTGAGE TOTAL + EDUCATION EXPENSES (for children) + FINAL EXPENSES = FACE AMOUNT OF POLICY.
If an agent starts telling you what cash value you'd have after 40 years or some such nonsense, just know that $50 a month invested at 9% would yeild $234000 at the end of 40 years. If they start explaining guaranteed values, assumed value, etc. know that investing outside of an insurance policy is going to be better on average.
If you want more knowledge layman's knowledge about cash value policies, contact me.
Good luck |
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mvm
|
There's a lot of really good advice here.
Yes, if your goal is to make sure living expenses are covered for your family, children, etc. in the event of your passing, then term insurance is likely the way to go. Generally significantly more cost-effective.
If you're looking at life insurance as an investment vehicle, then maybe consider permanent insurance.
BUT, the best advice I can give you is to find a financial adviser you can trust to discuss this with. Perhaps you have family or friends who have someone they work with whom they like/trust? A professional can look at all your goals and advise you on which policy / company best meets your needs. You have had better things to do with your life than to sort through insurance companies, whereas that is this person's LIFE. They know their stuff!
And yes, go for an AM BEST "A" or "A+" rated company! |
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J
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1.The first question you need to answer before talking to an insurance agent/company is how much do you need and for how long? The purpose of most life insurance is to replace the income of the insured for a certain period of time. e.g. a man with 2 young children, a mortgage and a wife who doesn't have a good earning potential probably wants to have enough to pay the mortgage, college expenses and living expenses until the children are at least 21, plus some extra for the wife to live on.
Adding it up he may need a million dollars or more for 15 or 20 years. The good news is that term insurance is relatively cheap.
2. Agents/companies make very little on term insurance. So they often try to sell you Universal or Variable Life. This combines investments and insurance and is expensive and complicated. Best to avoid it. You can invest better and more cheaply on your own.
3. Whole Life keeps the premium from going up but is more expensive. Not a bad choice for a small portion of your insurance needs. e.g. those not related to your children.
4. There is guananteed renewable term - I would ask about that since you will always have the option to continue coverage.
5. Prices vary from company to company and term premiums have been coming down recently. You want to pick a solid company - they need to be in business to pay the claims if you need them to be paid. AM Best web site rates insurance companies most major ones are in good shape e.g Prudential, Aetna, AXA/MetLife. |
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aaron p
 |
Figure out what the need is. Why are you buying life insurance?
Determine an appropriate amount. Nobody care what type of insurance you had when they file a claim. They just want to know it will be enough to take care of the ones you love.
Consider a few different choices for comparison. A little friendly competition usually gives you a better result.
Make a decision and apply. Consider your long term goals, cash flow, guaranteed elements, etc, and pick the option that really rings true for you.
Review your coverage from time to time. You change, the insurance industry changes, and your coverage may change, so it is prudent to dust off you coverage and look at it in detail periodically.
Good luck |
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burt p
 |
1)what's the goal of the policy? . I found interesting information about your answer here. http://all-insurance-online.blogspot.com/2007/08/life-insurance.html
Good luck! |
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