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Tips for Getting the Most Out of Your Insurance Policy

| September 11, 2019

Life can be full of surprises and you want to be ready for whatever lies ahead. Through life insurance, you can prepare for the unexpected by providing financial security for your loved ones in the event of your death. An important caveat, however, is that navigating life insurance policies can be a daunting task. Here are some important tips to help you get the most value and protection out of your life insurance coverage:

  • Determine how long you’ll need coverage for. There are two major types of life insurance–permanent (whole) and term. As the name suggests, permanent life insurance is designed to provide you with lifelong protection for the rest of your life. Whereas term covers you for a certain period of time whether it be 10, 15, 20, or 30 years.
  • Understand the cost of your coverage. Each type of life insurance policy carries a different cost based on the coverage and the influence of personal factors such as health status, family health history, age, gender, occupation, and lifestyle.
  • Get a health checkup. Health plays a significant role in your coverage. Get the most out of it by improving and maintaining your health. Uncover health issues through exams and get frequent evaluations. If your health improves after setting up a policy, you do have the opportunity to submit reevaluations for a reduction for your premiums.
  • Consider paying for your policy annually. While spreading the cost over the year can make it more manageable, you’re likely to pay more if choosing to pay monthly. Therefore, you can save money if you’re able to afford annual payments.
  • Get coverage before you need. Putting off the purchase of life insurance can cost you more in the long run. The ideal time to purchase a policy is as early as possible. The best practice is to purchase while you’re young and healthy, because changes in circumstances are inevitable. And as time passes, you may develop health conditions that’ll result in higher premiums.

Life insurance was created to protect your loved ones when you’re not able to. As your dedicated team, reach out to us and we’ll help get the information you need to make better-informed decisions.

The content within this document is for informational and educational purposes only and does not constitute legal or tax advice. Customers should consult a legal or tax professional regarding their own situation. This document is not an offer to purchase, sell, replace, or exchange any product. Insurance products and any related guarantees are backed by the claims paying ability of an insurance company. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.