What You Need to Know About Life Insurance

for many years to infect. Would it be enough? How do you know? For starters, consider what your family needs after your death ….

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What You Need to Know About Life Insurance
3 ways to buy If you dont have life insurance or need more coverage than you already have there are three main ways to obtain additional coverage life insurance purchase additional coverage through their employers group plan. Often you can purchase limited amounts of extra coverage without having to answer questions about your health. If you want to significantly increase your coverage you may have to answer health questions in order to qualify. If your employer doesnt offer a group life insurance benefit you still might be able to get coverage through work. Some companies give their employees the option to buy life insurance on a voluntary employeepaid basis. While you pay the full cost of the benefits under a voluntary arrangement there are several advantages to buying insurance this way. Voluntary plans help workers get coverage more easily than if they were to purchase an individual policy on their own outside of the workplace. Plus the premium can be automatically deducted from your paycheck and can be less expensive because of efficiencies in application and billing procedures 1 Through an Insurance Professional Most people need help conducting the detailed financial assessment needed to determine how much and what kind of insurance to buy. Thats why they usually turn to a qualified insurance professional. To find one thats right for you ask for recommendations from friends relatives or a trusted advisor such as a lawyer or accountant. Before agreeing to work with an agent interview at least two to establish a basis for comparison. Ask them about their education training professional designations and if they are a member of a professional association such as the National Association of Insurance and Financial Advisors which has a stringent code of ethics to which its members agree to adhere 2 At Work Many employers especially larger ones offer life insurance as part of their benefits packageusually a term policy equal to one or two times your annual salaryat no cost to you. This is called group insurance a nice benefit to have but its typically not enough to meet most peoples needs. If you need more coverage than your employers basic benefit talk to your benefits manager at work. Many companies give their employees the option to 3 Direct Purchasing You can purchase coverage via the Internet over the phone or by mail. The better services provide qualified insurance professionals to guide you through the process and offer competitive quotes from multiple life insurance companies for term life insurance. Based on your specific health situation finding the right company is important in getting the best price available Keeping His Spirit Alive A s a young insurance agent Mark Wandall didnt need to be convinced to buy life insurance. But even he would have been amazed at all that the insurance has meant for his wife Melissa and for many others he never met. Mark was just 30 when he was killed in a car accident only a mile from his Bradenton Fla home when another driver ran a red light. He died less than a week after celebrating his first wedding anniversary and just 19 days before the birth of his daughter Madison Grace. The life insurance has allowed Melissa to remain in their home be a fulltime mom and put money into a college fund for Madison. In addition she formed the Mark Wandall Foundation to raise money for local causes and is spearheading the push for a state law to stiffen penalties for running a red light. Life insurance has given Melissa the opportunity to keep Marks spirit alive for her daughter and her community Melissa Wandall with daughter Madison Grace

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