Thursday, 19 July 2012

Guest Post: Five Helpful Life Insurance Shopping Tips

When you become a parent having life insurance suddenly becomes more important than ever before. The right life insurance policy will give you peace of mind knowing that your family’s future is financially secure should something unexpected happen to you. It is important however, to make sure that you choose a policy which provides sufficient cover to meet you and your family’s needs rather than just jumping blindly into the first one you come across. To help you make an informed decision here are some important points you should consider before shopping for a life insurance policy.

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For starters, consider the differences between term life insurance and permanent insurance. This is something that a lot of people who shop for insurance are surprisingly unaware of. While many insurance companies will try to push a permanent policy on you, the truth is that in most cases (except for in rare circumstances), a term life insurance policy is more than enough to cover any debts and financial needs when the policy goes into place.

  2. Next, you should know what specific questions to ask in order to find out important information about a policy. Always be sure to ask if a policy is renewable after a certain point in time or whether it is cancellable. Also, make sure you find out about any exclusions of the policy, as this may make or break the deal for you.

  3. Do price comparisons, but use caution. As with any major purchase, it is always a good idea to ensure that you are getting the best price. For this reason, you should shop around for your insurance using sites like Comparethemarket to see which companies will offer you the coverage you need for the lowest price. However, be sure to consider other factors aside from price when choosing a policy. Otherwise, you may end up with a cheap policy, but many hidden exclusions and poor customer service. It may be worth it to pay a little extra for a solid policy with a reputable company.

  4. Know that you have 30 days to "test drive" a policy. This is something that most insurance holders do not know. It is federal law to allow people buying life insurance to cancel their policy within 30 days for a full refund of their premium, so be sure to take advantage of this.

  5. Finally, simply know and understand your needs prior to buying a policy. See a financial advisor to see just how much money you would need to support your family and take care of your debts, and do not let insurance companies talk you into buying more insurance than you need.
This is a guest post by Comparethemarket.

*Disclaimer: I received a payment for publishing this guest post.  

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