Smart Steps for Buying a Life Insurance Policy


Shopping for and buying life insurance that best suits your needs.

From loving them unconditionally to supporting them financially, there?s a lot that we do for our loved ones. Part of what we can do to protect our family is to purchase life insurance to ensure that when we?re gone, they don?t suffer financial strain as well as loss. If you?re in the market for life insurance, you might be finding the thought of shopping for the right coverage a little daunting.

Check out these smart steps to follow when deciding on life insurance for your needs.

Determine if you need life insurance. While many people do need life insurance, not everyone does. If you have no one who depends on you financially, no debt, and an estate that would pay for its own taxes and expenses, you likely don?t need life insurance. If this doesn?t apply to you, then you?ll need to call your insurer to get started on your policy!

Calculate the coverage you need. Pull the calculator out and do some math. You?ll need to determine the financial resources that will be available to your survivors after your death (Social Security, retirement-related survivor benefits, assets, etc.), and the financial needs of your survivors after your death. For simplicity, narrow the last consideration into final expenses, your remaining debt, and income needs. Once you see what your loved ones will need and what will be available, you can cover the gap with life insurance.

Find out if you need to add any riders. Common riders often added to policies are the waiver of premium and guaranteed insurability. The former pays the life insurance policy premium if you?re disabled, while the latter permits you to add to the death benefits without providing additional evidence that you?re in acceptable health. Talk to your agent about how these two riders could help you.

Tell your beneficiaries about your life insurance policy. Once you?ve settled on a policy and it is issued, inform your beneficiaries on how to get a paper copy of the policy and any specifics about what you want them to do with the death benefit. Then, store your documents away safely!

Skip the search of finding the right life insurance provider for you ? Visit the professionals at National Life Insurance Solution. Visit us or call our office to get started on setting up the right coverage for your needs!