Shopping Guide
Some people, unwilling to face the thought of death, never buy coverage at all. Others feel guilty about the prospect of leaving loved ones behind end up buying too much. Buying life insurance is a personal decision and what type or kind of policy you choose or use is based on your individual needs. While no insurance plan is perfect, having the facts to make an informed decision can make a difference. Take some time to balance the costs, coverage and convenience of any plan that you are considering.
Before putting your signature on an insurance policy, it is important to study the contract back to back. The policy contract spells out what you need to do to obtain and maintain coverage. It also will identify situations in which the insurance company would not cover a claim. This may happen, for instance, if the policy holder commits suicide within a year or two of the issue date. It also should indicate whether the premiums will remain the same during the term of the policy.
Finally, you would want to verify that the policy accurately reflects the information you supplied in your application. Is the name of the beneficiary correct? Mistakes could cause problems later on. Read the fine print and by all means ask questions if you are uncertain. Granted, sitting down to review an insurance policy doesn't sound like much fun. However, it is worth the time.
Before putting your signature on an insurance policy, it is important to study the contract back to back. The policy contract spells out what you need to do to obtain and maintain coverage. It also will identify situations in which the insurance company would not cover a claim. This may happen, for instance, if the policy holder commits suicide within a year or two of the issue date. It also should indicate whether the premiums will remain the same during the term of the policy.
Finally, you would want to verify that the policy accurately reflects the information you supplied in your application. Is the name of the beneficiary correct? Mistakes could cause problems later on. Read the fine print and by all means ask questions if you are uncertain. Granted, sitting down to review an insurance policy doesn't sound like much fun. However, it is worth the time.
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