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Tips For Choosing A Life Insurance Policy

If you don’t know where to start when it comes to shopping for a life

insurance policy, you are not alone. Life insurance can seem like a daunting

task because it has such serious consequences. You want to be sure you get

the right policy and pay the right premiums, so get some help and consult an

expert before you make a decision.


An Agent Can Help

Before you call an 800 number to get your life insurance policy through a

television commercial, consider talking to an insurance agent. Even if you do

decide in the end to go with a policy somewhere else, you can get valuable

information through the expertise offered by an agent. They will help you to

decide how much coverage you need and what type of policy is best. They

can explain to you all the rules and procedures involved in obtaining your

policy. If you don’t already have an agent, ask friends and family for a

referral to someone they trust.


Possible Discounts

If you look for a life insurance policy with the same company that insures

your home and car you may qualify for an additional discount on those

policies. Many large insurance companies offer multi-policy discounts for

customers who take out more than one type of insurance policy with them.

Ask what you could potentially save on your auto and home—it might make it

worth a slightly higher life insurance premium.


Getting Quotes

It’s always worthwhile to get numerous quotes on any major purchase you

make. Call around and get quotes from at least three different companies for

comparison. Be sure they are quoting the same policy limits as well as the

same type of policy and term length if applicable. Remember that quotes

may not be entirely accurate—what may be discovered on your health

screening could affect the true premium when the policy is issued. If the

premium amount is different from the quote, you will have an opportunity to

change your mind and decline the policy. Be sure to ask for detailed

information on the reasons why the premium is different.


Especially if you are choosing a long term or Universal life insurance policy,

you will want to be sure you have made the right decision. You will be

paying that premium for a long time, and changing to a new policy later

could cost you a lot of money. So be sure you are happy with the policy and

the premium, because once you choose a policy it is best to stay with it for

the long haul.

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