How to Buy Life Insurance
Article by Ruslan Rabichev
When you start to consider buying life insurance, it can be a scary deal, but it does not have to be. There are people willing to help. You could contact a life insurance broker for help or just look to the Internet for some beginner’s advice. Either way, when it comes time to buy insurance, there are a few things you should consider first and that would help make the process go a lot faster and a lot easier. Two of the main things you should consider when purchasing insurance are the needs of your family and your age.Holders of individual insurance policies have been steadily declining, but recently it hit an all time low of forty-four percent. This may be in part due to unemployment, denied claims and confusing products. The problem is that many of these people going without insurance have children under the age of eighteen. It is estimated that around eleven million of the thirty-five million families without policies have young children. Of these eleven million families, just over forty percent of them would have a very difficult time keeping up on the bills if the breadwinner were to die.On the other hand, many elderly policyholders no longer have any need for them. These clients no longer have any family members that are financially dependent on them. Thus, many senior citizens choose to not renew their life insurance policies and end up going without.Those who should consider buying life insurance the most are younger people who are the main income of a household who also have mortgages, bills, and loans that could pile up without them there to cover them. Those who also have the fortune of having a substantial amount of assets should also consider life insurance. Policies will not only help cover funeral costs and paying off loans as well as bills, but it will also help to handle the estate taxes for those who inherit it.Once you have decided to get health insurance, you should consider if you want your policy to include a medical exam or not. There are more and more companies offering insurance and no exam each day. Medical exams are typically pretty quick and easy, but finding a policy without having to take an exam can be even quicker and easier. The tradeoff is that, without the exam, the policy amounts will likely be lower and there is a possibility that the rates will be higher, but if you do not need a large sum policy, then finding one without the medical exam may be the right route for you.After you find a policy, you should revisit it at least one a year to once every two years. Every so often, circumstances change and with that, you may want to change your policy. You should maintain a policy of at least three and a half times your annual income plus any outstanding debts.
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