Time to Think

There are a lot of options when it comes to choosing life insurance for you and your family. You want to make sure you not only choose the insurance provider with the right features that make the most sense for you but also choose from a reputable company so you don’t risk getting scammed or screwed over.

Here are a few tips to ensuring that you get the insurance policy that makes the most sense for you.

1. Insurance experts at Protective share that there is a thing called a free look period that you should be aware of. It means that after your policy starts, you usually have time to make changes to the policy or even cancel it. Ask your agent about that period, and specifically when it starts and ends. It is made in order for you to have time to change your mind without financial consequences.
2. Make sure that when you’re doing comparisons, you’re comparing similar programs that offer the same types of products and features. Otherwise the comparisons you’ll be doing will be unbalanced and downright confusing. Term life insurance usually have lower premiums than whole life insurance, for instance. You’ll also want to look further than just the monthly premium rates, especially depending on what your needs may be.
3. Know what you’re getting into with life insurance, meaning that you’re going to be getting a product for the sake of protection. This isn’t just a new investment opportunity or a way to diversify your finances so you can boost your credit score. Life insurance is in place so that your beneficiaries will be financially protected in the case of your death (which is especially helpful if your death happens to be unexpected). Recognizing this will make the process a whole lot easier.
4. Look into riders or endorsements to make your policy more specific to you and your family’s unique needs. Ask your insurance representative what types of riders and endorsements they can provide you with.
5. As with any type of insurance or financial endeavor, you’ll want to make sure you do your due diligence and choose a reputable company. Even if it isn’t the most inexpensive option out there, you might be saving yourself a lot of headaches by avoiding a rude or unhelpful customer service team or microscopic fine print that comes and bites you in the butt down the line.