3 Steps to Selecting a Life Insurance Policy

Insurance News

3 Steps to Selecting a Life Insurance Policy

Posted by Asset Protection Group
5 years ago | September 26, 2017

If you’re thinking about life insurance, you already know that enrolling in a good policy is one of the best ways to protect your family. But what exactly makes a life insurance policy “good”, anyway? There are so many options out there, that it’s easy to overlook something important while you’re comparing plans.

Since a life insurance policy is an investment, spend some time researching and working with us to identify the best one for your situation. To get started, learn these three essential steps to life insurance protection.

Step One: Perform a needs analysis. A needs analysis tells you how much life insurance you need. Some people make the mistake of enrolling in the first policy that sounds like a great deal, but as we all know, a deal isn’t so great if it doesn’t suit your needs!

So first, we perform a needs analysis. It’s basically a series of questions that help to determine how much coverage and which type of policy you need. Now, with your options narrowed, you can begin comparing policies and providers that will adequately protect your loved ones.

Step Two: Shop around. Now you have an idea of the type and amount of coverage you need, but you shouldn’t just pick the first policy you see or the one with the lowest premiums. Each insurance provider will vary slightly in the benefits they offer, and policies can vary significantly depending upon which riders are attached. Plus, since insurance companies calculate risk using different formulas, your premiums can vary significantly from one  to the other.

Bottom line: Compare policies with at least three different life insurance companies.

Step Three: Continue to reevaluate your needs. So you’ve located a great policy, you’re making your monthly premiums… and you’re done, right?  Actually, no. As your family structure, income, and other factors change, your life insurance policy should change, too. Perform a new needs analysis every two to three years, to be sure your policy still fits your lifestyle.

Of course, all of these steps should be taken while working with a qualified life insurance professional. Give us a call, and we can help you complete these steps and locate the right policy for you.

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