You’ve thought long and hard about it and decided life insurance is worth all the money. Great decision!
Like you, many Americans are also convinced of the benefits of life insurance. As of 2020, more than 54% of people in the United States have a type of life insurance. And the figures are on the increase.
But buying life insurance, especially as a first-timer, can be confusing.
Don’t fret! Here are things you need to look for when buying life insurance.
Will it protect me for as long as I want?
Do you need life insurance coverage for only a certain time, say until you pay off your mortgage or when your kids become independent? Term life coverage is what you need.
On the other hand, there’s life-term coverage, which is permanent and includes whole life, variable, and universal. Permanent life insurance coverages are best if you have people who depend on you financially, need to pay for burial expenses, or want to pass on some legacy to your family to secure their future.
Does the policy cover my needs?
You’ve bought life insurance to pay for your kid’s education, so you thought. After you’re gone, they find out you’ve left no legacy and have to drop out. You want to avoid this scenario.
When buying life insurance, make sure it covers all your needs. Do you have debts to pay off? Or want to support your spouse for the rest of their lives? Do you want to support your kid through college? Consider how much you’ll need for all of these needs.
You can come up with an insurance agency in Ohio to help you evaluate your needs.
Can I afford the coverage?
You’ve evaluated your needs and know the cost of the annual premium. But the big question you should ask yourself is, can I afford it? Before committing yourself, you need to check if you’ll be able to pay premiums for the entire life of the policy.
What are the fine points of the policy?
When buying life insurance, you want to make sure you understand the specific details of the policy, such as the events that won’t be covered. An insurance agency in Ohio will be able to explain the fine points, so you or the beneficiaries won’t be shocked when your claim is refused.
Should I work with a trusted insurance agency in Ohio?
Several companies have varying rates. So it’s possible to get life insurance for less than you’ll have to pay at another company. You can ask for an online quote from these companies.
This method is cumbersome, though.
An easier alternative is to work with a trusted independent insurance agency that works with several companies to help you get the best deal. A reliable insurance agency in Ohio will also be able to guide you through the entire process.