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The
protection of your loved ones after the death of the insured
person.
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To pay off a
mortgage or debt upon the insured’s death.
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Funds
required towards deceased person’s burial expenses.
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Business
Insurance on the death of key employee so that the company
doesn’t suffers or for the other partner who can afford to buy
the deceased partner’s shares.
Before making the final decision
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Remember to compare the same amount of coverage. Do not buy a
policy from a company because they offer a lower price but how
much policy coverage it provides.
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Remember that you are purchasing insurance to provide financial
protection in the event of a disaster. Different insurers
specialize in different types of risks. Get the Policy which is
Right for You.
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Remember to select a company that is financially stable and has
a reputation for good customer service.
High-risk investment strategies have threatened the solvency of
some companies and thus the safety of policy benefits.
Once you have
completed these steps, you will be able to move ahead select the
channel you want to purchase your policy:
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Life
insurance sold primarily by agents that represent a single
insurance company or by independent agents who represent several
insurers.
They should
assess your needs, answer your insurance questions and help you
establish your goals. They should advise you and help you update
your insurance.
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Life
insurance company products are also sold by direct mail,
telephone, and the Internet, directly to the public.
Some
insurance companies solicit by mail or through the Internet. In
most cases, the prospective buyer mails a completed application
directly to the company.
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Life
insurance through banks and financial advisors, professional
organizations and workplaces.
Many
employers offer life insurance under a group plan and sometimes
pay part or the entire premium. Group life insurance must be
convertible to permanent insurance at the insured’s option when
the insured’s coverage under the group policy terminates
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A large
portion of variable annuities, which are based on stock market
performance, and a small portion of fixed annuities, are sold by
stockbrokers.
Life insurance
is essentially an investment of savings that offers a tax-free sum
to the beneficiary at some point in the future.
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