Shopping for a life insurance policy?
Here are some good tips:
How Fast Is The Payout?: Many policies have a 2-3 year waiting period in regarding the payout, if you purchase a new policy. Be sure to get the details before you jump into it. Sometimes the simplified policies won’t tell you this information directly.
What About The Living Benefits?: Some companies offer a 20+ year window to recoup some of the money back, if you no longer want or need your policy. Often people look for the flexibility to have the option of a cash out, if they get a serious illness. Just another thing to think about.
How Affordable Is It?: Make sure you can afford your life insurance policy. Think about the premium you can accept paying for the long term. Cost of living is going up everywhere, so you want to get the most from your money.
What Type Of Insurance Do You Want?: Term life covers a defined span of years, typically 20-30 years. Usually you will need to pass a medical examination for this coverage. Whole life covers you from the beginning to the end of your life. Once the policy matures you can typically get a cash option to take some money or take a loan against it. Universal coverage is usually a variation of the whole life insurance. You can adjust the death benefit of this policy as things progress and you need a medical exam. You have the option to change your premium payments, once your policy is fully matured. This type of policy provide an investment option, which is usually based on a money market rate.
Be use to read the fine print on any policy you are looking to go with, you don’t want to pay for it in the end.
Check out this handy site, it shows some of the best life insurance companies for 2021.
Staying fit by exercising, may help you slowdown the inevitable. 😉
What type of policy do you use and why?