When someone passes away and the insurance company pays a certain amount of money to their loved ones, the recently departed had life insurance. There's no denying the fact that this is an important type of coverage, as it protects not only the insured but their families as well. Robert Jain, as well as other authorities on finance, can tell you that some types of insurance are better than others. With this in mind, here are the do's and don'ts that will help you obtain coverage you can trust.
DO determine your coverage ahead of time. How much money do you have to contribute to obtain life insurance? While you may want to go with whatever your coworkers contribute, understand that your needs may vary. This is particularly true when you consider such variables as dependents and income. By asking questions about such variables, you'll eventually be able to sign up for a life insurance plan that names such as Bob Jain can approve of.
DON'T forget that life insurance comes in numerous forms. For example, level term life insurance is structured in such a way that the death benefit remains the same throughout. On the flipside, decreasing term life insurance is set up so that the aforementioned benefit drops from time to time. It may be difficult to decide which plan is best for you and your family, so feel to ask your agent for clarification on the matter.
DO see your doctor beforehand. Even before you place pen to paper during the life insurance enrollment process, see your doctor. There's a possibility that there are medical complications or concerns that haven't been observed beforehand. It's never a bad idea to see your doctor, even if your goal is to simply ask them about life insurance and what they recommend. This will make it all the easier to sign up for the plan you need.
DON'T think that you can change a life insurance plan whenever you please. The reason for this is that it can be costly to switch plans, especially if you aren't fully aware of what each plan offers. Who's to say that the plan you're looking into will be necessarily better than the one you already have? Furthermore, you may end up spending more than what you currently owe. While it's in everyone's right to change their insurance as they see fit, research must be done beforehand.
DO determine your coverage ahead of time. How much money do you have to contribute to obtain life insurance? While you may want to go with whatever your coworkers contribute, understand that your needs may vary. This is particularly true when you consider such variables as dependents and income. By asking questions about such variables, you'll eventually be able to sign up for a life insurance plan that names such as Bob Jain can approve of.
DON'T forget that life insurance comes in numerous forms. For example, level term life insurance is structured in such a way that the death benefit remains the same throughout. On the flipside, decreasing term life insurance is set up so that the aforementioned benefit drops from time to time. It may be difficult to decide which plan is best for you and your family, so feel to ask your agent for clarification on the matter.
DO see your doctor beforehand. Even before you place pen to paper during the life insurance enrollment process, see your doctor. There's a possibility that there are medical complications or concerns that haven't been observed beforehand. It's never a bad idea to see your doctor, even if your goal is to simply ask them about life insurance and what they recommend. This will make it all the easier to sign up for the plan you need.
DON'T think that you can change a life insurance plan whenever you please. The reason for this is that it can be costly to switch plans, especially if you aren't fully aware of what each plan offers. Who's to say that the plan you're looking into will be necessarily better than the one you already have? Furthermore, you may end up spending more than what you currently owe. While it's in everyone's right to change their insurance as they see fit, research must be done beforehand.
About the Author:
Please contact Bobby Jain for more details about insurance and finance as a whole.. Check here for free reprint license: Life Insurance & The Do's And Don'ts Provided By Robert Jain.
No comments:
Post a Comment