Buying life insurance is an incredibly important decision and one that should never be taken lightly. Unfortunately, many people overlook the importance of life insurance and prioritize things like buying a new car over providing their loved ones with protection from financial loss.
But what makes life insurance so important? When someone passes away, the last thing their loved ones will need is financial strain while grieving over their loss. With life insurance, these loved ones will have a financial cushion and be protected from financial loss.
Northeast Insurance Advisors LLC in Easton, PA provides this guide on some of the dos and don’ts of buying life insurance. These tips will help you purchase the best-value life insurance product for you and your loved ones and help you avoid some common pitfalls.
Life Insurance: What You Need To Know
- Calculate the amount of coverage you need. Many clients just throw out arbitrary numbers like $100,000 or $500,000 when figuring out their coverage amount. Although these numbers may sound “reasonable,” you should take advantage of need assessment calculators and the expertise of experienced insurance agents. Northeast Insurance Advisors LLC has agents that can ensure your coverage is adequate.
- Review the life insurance company in depth. After all, you’re making the decision of a lifetime. Research as much as you can about the carrier, and make sure the company has been in business for a long time and will be in business for many decades to come. Qualities to look out for include whether the company is A or B-rated and whether it has a strong financial history.
- Just sign away. No matter how reputable your insurance company or agent is, don’t shy away from asking questions. Will my premiums increase or change over time? How will the death benefits be paid? What can I do to save money and still get the coverage I’m looking for? These are just a few of the questions you should ask your agent. Also, make sure all the information, such as your personal and the policy details, is correct.
- Delay buying life insurance. Even though you don’t want to rush through the process and just get it done and over with, you also don’t want to delay getting life insurance. By putting it off, you risk putting your loved ones in financial jeopardy while they’re grieving over your loss.
Contact Us Today
Get in touch with one of our agents at Northeast Insurance Advisors LLC, which serves Easton, PA and other parts of Pennsylvania, by calling 484-892-6363 or texting 855-405-8004 and we’ll help you find the best life insurance product for you.