top 10 companies to get life insurance
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2009 All rights reserved, top 10 companies to get life insurance |
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How you know how much life insurance to buy, top 10 companies to get life insurance
Decide what kind of variable life insurance to buy. Depending on the purpose, you may want Universal, term or whole life.
Do some personal analysis to determine the amount of whole life insurance coverage you actually need. You can either compute an income multiple your annual earnings multiplied by at least three and preferably five or you can add up your outstanding bills and estimate your spouses needs.
Take advantage of our user friendly service to complete a profile and then either shop rates yourself from the online rate comparison chart or request a local agent to prepare quotes for you.
While waiting for your universal life insurance cost rates to be prepared, you can check the ratings on several organization. You want a companies that is strong financially, has been in business a long time and that pays claims in a timely manner.
If you decide to meet with an agent personally, be prepared to ask some simple questions:
To what extent would that agent represent you? Does the firm have policies that will last to age 100 or even to 120. Does the firm have radically higher rates for smokers Does the organization require a visit from a paramedic? Some organizations only require a paramedical exam and doctor's report on amounts of 100,000 or more. Does the firm have an "easy issue" insurance plan that requires less medical underwriting and that pays without a two year waiting period? What payment process does the organization use? Most require you to make the first bill and then authorize automatic bank draft for future payments.
Strongly consider using an agent. whole life insurance does not have standardized language from one companies to the other. If you try to do it alone, you could easily end up with something like "modified universal life insurance," a type of life insurance that has cash value and insures you to age 100, but also has premiums that increase at a predetermined frequency. If an agent misinforms you regarding a insurance policy, the organization is responsible. If you make that decision on your own, you bear the responsibility even if you don't understand the terms.
Once you have decided on a life insurance plan and answered the questions for the application, all you have to do is wait. You still aren't fully committed. By law, you have a thirty day free look from the time your whole life insurance plan is delivered to you. If you see something you didn't expect or didn't want, you can return it and have your first payment refunded. Usually, a little homework, an open mind and an understanding of the process can virtually guarantee a universal life insurance policy that will satisfy you and your spouse for many years to come. |