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this whole process for me. If there is one
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IN THE NEWS
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Selling a home
in a cooling market
By Melissa Wirkus |
Purchasing an adequate life insurance
plan is one of the most important things to do,
regardless of your age. Taking out a plan can
be very confusing at times, because there are
many options to choose from. But once you grasp
the basics, purchasing life insurance is a pretty
simple process.
The main purpose of life insurance is to supplement
your income so your family can live comfortably
should something happen to you. The options when
choosing a life insurance product are endless,
but you should always be sure that the plan you
choose meets your individual financial and personal
needs.
An article from Insure.com, “Life insurance
basics,” provides some useful information
and helpful tips on choosing a plan that is right
for you.
“Many of us buy life insurance because we
want to make sure that our loved ones, especially
dependents, remain financially secure after we
die. Income replacement is the #1 reason why people
buy life insurance. Non-working caregivers also
have an important, and oft over looked, economic
value that should be covered by life insurance.
Life insurance is also purchased by those interested
in achieving specific business or estate transfer
goals.”
When you decide to implement a life insurance
plan, there are many important things to keep
in mind. First, you must asses your financial
situation and decide what type of policy you want.
Here at LEI, we have a team of financial planners
and life agents that can guide you through every
step of the way.
“The first step in life insurance planning
is to analyze your life insurance needs or, rather,
the economic needs of the dependents left behind.
Before purchasing a life insurance policy, you
should consider your financial situation and the
standard of living you want to maintain for your
dependents or survivors. Because life insurance
needs change over time, your life insurance program
should be reevaluated periodically.”
Once you have an idea of your needs, it is time
to choose a policy. You have the choice of selecting
a policy that covers the duration of your life
(permanent insurance), or a specific period of
time (term life insurance), known as whole or
universal life and term life insurance.
These are just the two main types of insurance
products, but there are many variations in between.
Once you have chosen your type of policy, you
must decide your coverage amount. Most life agents
recommend a person is insured for 10 times the
amount of their annual income.
Once you have carefully decided the details to
your policy, the application process begins. Anticipate
a lot of questions about your lifestyle and overall
physical health, since this information is required
in order for your application to be approved.
Contrary to popular belief, not everyone who applies
for life insurance is accepted.
“A face-to-face paramedical examination
is generally required for policies in excess of
$100,000, which means, at minimum, the giving
of both blood and urine samples to an outside
lab technician. Expect the underwriters to question
you in detail regarding your lifestyle, intended
foreign travel destinations, your family health
history and your personal health history.”
After your policy is in place, you start paying
your premiums, and you can rest assured knowing
your beneficiaries will be well taken care of. |
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