Archive for the ‘How to Buy Life Insurance’ Category.
Of course, life insurance companies cannot issue policies to everyone just because they want it. Then you would have terminally ill people purchasing high amounts, not paying very much into the policy, they would die soon after and the insurance company would have to pay out the cash amount of the policy. Generally, the life [...]
Your life insurance requirements are dependent on an overall analysis of your financial situation. A “needs analysis” will help you to determine what type and amount of coverage is most appropriate for your situation. Consult an advisor that will sit down with you and compare your financial assets (e.g. investment accounts, retirement assets, property holdings, [...]
Believe it or not, just because insurance agents receive a commission, it does not necessarily mean the policy is over-priced. There are a lot of companies that sell insurance directly by mail and over the Internet who never use agents at any point in time. Just because there is no one receiving a commission when [...]
When shopping for life insurance, it is wise to get quotes from as many different companies as possible before you purchase a policy. There are insurance agents that deal with multiple companies that can provide several quotes and policies from different companies. It is always a good idea to meet with several different agents before [...]
There is a “free look” period in most states which allows life insurance policyholders to receive a refund on a newly purchased policy. The “free look” period was established to allow life insurance policyholders ample time to review policy details. Usually a refund is available within 10 days of receipt for a new policy and [...]
The Department of Insurance requires the insurance companies to provide a cost disclosure form with the life insurance contract. This is the form that outlines all of the costs and fees that the consumer will be paying for the policy. It is meant to give a standardized measure of the insurance coverage. Once the disclosure [...]
Life insurance is a sales job. Projections mean nothing. Guaranteed rates mean everything. Remember, a projection is just that: a hoped for outcome, not a guaranteed payout to you. Your life insurance company is not necessarily obligated to pay exactly what they say they will on a projection. There are numerous things that can affect [...]
In general, it will be necessary to undergo a medical exam to obtain full life insurance coverage. In order to properly assess the risk that your policy represents to the company, some basic medical information will be required for actuarial purposes. The insurance company will set your premium rates based on the amount of risk [...]
The answer is usually yes, you will have to give information regarding your medical state and finances. You might have to take medical tests. These are to help determine how much of a risk you will be to the company if they decide to insure you. They will most likely ask for some other information [...]
It is used only for underwriting insurance purposes. However, there is an organization known as the Medical Information Bureau (MIB), which is located in Boston. The purpose of this organization helps check the accuracy of some information that is asked for on applications, and because of this, certain excerpts from the application may be shared [...]